Pair is likely to find support around 1.24 handle initially in the week and 1.2350 area in extension so these would be our short-term buying points. On the other hand , above 1.25 handle is where we can expect major resistance, especially around 1.2550 area so this is where we would consider selling the market. In long-term trends, despite this rebound we believe that pair will eventually aim with a target set at 1.2050 handle. While ECB is ready to take further monetary steps, Fed is near its rate hike, so USD will probably continue to be the most favoured currency around the world.
EUR/USD Weekly Forecast - 15 December - 19 December
After sharp decline last week, euro managed to rebound this week finishing it above 1.2460 level. It was a less eventful week with US data being the main market driver. Next week we can expect much more volatility with the focus on Eurozone PMI and Economic Sentiment figures but more importantly FOMC interest rate decision.
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