EUR/USD Weekly Forecast – 18 January – 22 January
Euro was initially pushed lower in the course of the last week, but found area around 1.08 handle to be supportive enough in order to rebound and even come near 1.10 handle by the week's end. However, this area offers significant amount of resistance at the moment. It is likely that pair will go back and forth initially next week with traders being cautious ahead of ECB Press Conference later in the week.
Pair is likely to find support around 1.08 handle and resistance above 1.1050 handle so these would be our short-term buying and selling points. On a long-term basis, euro is still within its consolidation between 1.08 and 1.1050 handle, and there is no clear trend at the moment, so we would avoid placing any larger bids at the moment and would remain on the sidelines until we either see decisive break below 1.08 handle or above 1.1050 area.
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