Long-term looking, despite this uptrend, 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, which is supportive at the moment.
EUR/USD Weekly Forecast – 15 August – 19 August
Euro was pushed higher initially last week, though there were no major data releases, going all the way above 1.12 area, but did not manage to go higher than 1.1220 area and pulled back slightly to 1.1160 level by the end of the week. Next week is likely to be another less volatile one as there are no major data releases. Any type of supportive candles around 1.1050 handle would be short-term buying signal, while resistive candles above 1.12 handle and 1.1250 level in extension would be selling signal.
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