EUR/USD Weekly Forecast - 09 May – 13 May

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Friday, May 06 2016

Euro was pushed higher initially in the course of the last week, going all the way above 1.16 handle. However, this area proved to be too resistive at the moment, with pair pulling back, all the way to 1.14 handle by the end of the week, as there are still concerns regarding future ECB monetary policy as well as overall economic outlook for the Eurozone. As for next week, we can expect steadier beginning of the week as there will be no major data releases.

Pair is likely to find some amount of support around 1.1350 and 1.13 handle in extension, while we can expect significant amount of resistance above 1.15 area. On a long-term basis, though pair is trying to break higher we believe it is best to remain on the sidelines at least until we either see break above recent highs or fall below 1.13 handle.

More in this category: « GBP/USD Weekly Forecast - 09 May – 13 May AUD/USD Weekly Forecast - 16 May – 20 May »

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