EUR/USD Weekly Forecast – 22 February – 26 February
Despite no major data releases in the course of the last week, euro pulled back initially in the week, but area below 1.11 handle continued to offer support during the week, as well with area near 1.12 handle offering resistance. Next week should be less volatile, at the very beginning, with volatility coming back with US Durable Goods figures. We believe that some amount of support can be expected around 1.10 handle, which was previously quite resistive, while we would consider selling the pair at the sign of weakness near 1.13 handle as this is major resistive area.
In long-term trends as long as we are above 1-10 handle we are not interested in selling this pair. If we indeed see this breakdown we would be sellers with the target set at 1.08 handle. As for buying is concerned we would first need to see break above 1.12 handle before placing any large bids.
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