Pair should find some amount of support along 1.22 handle, initially in the week, so area around 1.2250 would be our short-term buying point, while we would consider selling the pair, in short-term trends around 1.2360 area. In long-term trends we have no interest in buying this pair, at the moment. Any rallies should be limited by 1.25 handle so we would use them as just another selling opportunity. Our target is set at 1.2050 level from where we can expect some bounce out, according to the long-term charts.
EUR/USD Weekly Forecast - 08 December - 12 December
Euro sharply declined during the last week, finishing it below 1.23 handle. Though, ECB Press Conference brought small rebound after initial decline in the week, euro was pushed further down after better than forecasted NFP figures. As for next week we can expect less volatility since there will be no major data releases from Eurozone, so focus will shift on US Retail Sales and PPI figures.
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