Long-term looking, we are not overly enthusiastic about buying the euro at the moment considering all the risks for the Eurozone. We would use any rallies that show signs of exhustation as a selling opportunities, however would not place larger selling bids until we see decisive break below 1.09 handle.
EUR/USD Weekly Forecast – 08 August – 12 August
Euro was pushed higher initially last week, going all the way above 1.12 area, but did not manage to go higher than 1.1260 area and after optimistic US job figures pair pulled back going back to 1.10 handle which continues to offer some amount of support. Next week is likely to be less volatile as there are no major data releases until Friday. Any type of supportive candles around 1.0980 handle would be short-term buying signal, while resistive candles above 1.1150 handle and 1.12 level in extension would be selling signal.
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