Long-term looking since we have seen decisive break below 1.12 handle, we would be sellers for this pair, as we believe 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.
Last modified on Saturday, 28 May 2016EUR/USD Weekly Forecast – 30 May – 03 June
Euro was pushed lower in the course of the last week going all the way to 1.11 handle by the end of the week. Pair initially in the week found some amount of support around 1.1150 area and manage to rebound, but did not hold its gains above 1.12 handle. Focus of next week will be on ECB Press Conference. Any type of supportive candles around 1.10 handle would be short-term buying signal, while resistive candles above 1.12 handle would be selling signal.
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