EUR/USD Weekly Forecast – 29 February – 04 March

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Friday, Feb 26 2016

Euro was pushed lower in the course of the last week. Area around 1.10 handle initially hold as a major supportive point, but by the end of the week, with better than forecasted US GDP figures pair pulled back all the way to 1.09 handle, which is of course a bearish sign. As for next week, we would be focused on US NFP figures. We believe that some amount of support can be expected around 1.08 handle, which proved to be supportive in the past, while we would consider selling the pair at the sign of weakness near 1.10 handle as this should now be major resistive area.

In long-term trends, now when we have seen break below major supportive point at 1.10 handle, we have no interest in buying the pair and believe it could go further down all the way to 1.08 handle. Only if see break above 1.1050 handle would be interested in buying the pair once again.

More in this category: « GBP/USD Weekly Forecast – 29 February – 04 March AUD/USD Weekly Forecast – 07 March – 11 March »

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