EUR/USD Weekly Forecast – 25 January – 29 January
Euro had a steadier initial part of the last week, but was then pushed lower after dovish ECB comments, indicating possible further stimulus at March meeting. However, pair found support slightly below 1.08 handle, around which it finished the week. Next week should be a steadier one, with some data releases but mostly of minor importance. We believe that any type of supportive candles around 1.07 handle would offer short-term buying opportunity, while resistive candles in a range between 1.09 and 1.10 handle would be short-term selling signal.
On a long-term basis, with ECB announcing possible further stimulus, we believe that euro will fell in the near future, but are still not willing to place any larger bids in any direction until we see break below recent consolidation range between 1.07 and 1.10 handle. With that, we remain on the sidelines.
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