EUR/USD Weekly Forecast – 14 March – 18 March

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Friday, Mar 11 2016

After initial steadier beginning of the week, with resistance at 1.1050 handle and support around 1.09 handle euro was pushed higher in the course of the session on Thursday, first testing bottom at 1.08 handle, but then shooting out all the way to 1.12 handle where it found significant amount of resistance and pulled back. However, this incline despite new ECB monetary measures is a bullish sign, though next week traders will be cautious with very busy data week in the USA with focus on FOMC Meeting. Pair is likely to find support around 1.10 handle, and resistance above 1.1250 area, at least initially in the week, so these would be our short-term buying and selling points.

On a long-term basis, now when we have seen break above 1.1050 area we believe that pair could go as high as 1.13 handle given enough time. As long 1.08 handle is offering significant amount of support we have no interest in selling the pair.

More in this category: « GBP/USD Weekly Forecast – 14 March – 18 March AUD/USD Weekly Forecast - 21 March – 25 March »

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