Long-term looking we have no interest in getting involved in this market at the moment, but believe if we see decisive break below 1.12 handle that pair could go as low as 1.10 handle which is significant supportive point. Buying is not an option at the moment, especially since we can expect further ECB monetary moves, while Fed is getting ready for another rate hike.
EUR/USD Weekly Forecast - 23 May – 27 May
After initial steadier beginning of the week, euro was pushed lower all the way to 1.12 handle due to more hawkish than expected FOMC Meeting Minutes. Pair found some amount of support around 1.1180 area, but did not manage to rebound by the end of the week. As for next week we can expect more volatility in the second part. Pair is likely to find support around 1.1150 area, at least initially, while resistance should be around 1.1280 and 1.1330 area, previous supportive points.
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