EUR/USD Weekly Forecast – 25 July – 29 July

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Saturday, Jul 23 2016

It was an overall steadier week for euro, with a downtrend prevailing. Pair initially in the week found significant amount of support around 1.10 and 1.0980 level and from there bounced out, but with resistance already at 1.1050 handle. However by the ending of the week pair pulled back and finished the week below 1.10 handle, which is of course quite bearish sign. Focus of the next week will be on GDP figures. Any type of supportive candles around 1.08 handle would be short-term buying signal, while resistive candles above 1.1080 handle and 1.11 level in extension would be selling signal.

Long-term looking, market seems to be in a downtrend at the moment, but we would like to see decisive break below 1.09 handle before placing any larger selling bids. Buying is not an option at the moment.

More in this category: « GBP/USD Weekly Forecast – 25 July – 29 July AUD/USD Weekly Forecast – 01 August – 05 August »

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