EUR/USD Weekly Forecast – 01 February – 05 February

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Friday, Jan 29 2016

It was a steadier beginning of the last week for euro, but pair was pushed higher after FOMC statement and even tested 1.0960 area as a resistance, but pulled back by the end of the week, all the way to 1.08 handle, thus remaining within consolidation range we have been in for quite some time now. As for next week, with no major data releases from the USA, we would be focused on NFP figures. Weaker than expected figures would bring rebound to euro but with resistance around 1.10 handle, while better than forecasted data could push euro down all the way to 1.07 handle, which is the extended bottom of consolidation range.

On a long-term basis, 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.

Last modified on Friday, 29 January 2016

More in this category: « GBP/USD Weekly Forecast – 01 February – 05 February AUD/USD Weekly Forecast – 08 February – 12 February »

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