EUR/USD Weekly Forecast – 18 July – 22 July

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Saturday, Jul 16 2016

After it initially found support around 1.10 handle in the course of the last week, euro was pushed higher, but found significant amount of resistance above 1.1150 handle and by the end of the week pair pulled back to 1.10 area, which offers some amount of support at the moment. As for next week focus will be on ECB meeting. Any type of supportive candles around 1.09 handle would be short-term buying signal, while resistive candles above 1.1150 handle and 1.12 level in extension would be selling signal.

Long-term looking, market is likely to consolidate at the moment, after recent huge movements, so we believe it is best to to stay on the sidelines at the moment, until we see either break above 1.12 handle or below 1.09 handle.

More in this category: « GBP/USD Weekly Forecast – 18 July – 22 July AUD/USD Weekly Forecast – 25 July – 29 July »

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