Long-term looking, we can now expect plenty of volatility, and with Brexit results hurting the unity of EU it is likely that euro could be falling further. However, we believe it is best to stay on the sidelines at the moment.
EUR/USD Weekly Forecast – 27 June – 01 July
Euro was initially pushed higher in the course of the last week as latest British polls were showing advantage for Remain side. However, after referendum results showed victory of Leave side, euro was pushed lower from the highs above 1.14 handle, all the way to 1.09 handle, where it found some amount of support and managed to rebound by the end of the week finishing it above 1.11 handle. Since there will be no major data releases next week focus will remain on Brexit results. Any type of supportive candles around 1.09 handle would be short-term buying signal, while resistive candles above 1.1250 handle and 1.13 level in extension would be selling signal.
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