EUR/USD Weekly Forecast - 29 December - 02 January

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Friday, Dec 26 2014

Euro continued its downtrend last week though in somewhat tighter-range with a support around 1.2150 level and resistance above 1.2250 area, since there were no major data releases from Eurozone and with euro coming under pressure after much better than forecasted US GDP figures. Next week should also be less volatile since with New Year holiday in focus so we cannot expect large movements.

Pair should find support slightly above 1.21 handle so this would be our short-term buying point and resistance above 1.2250 area so this is where we would sell the pair in short-term trends. In long-term trends we have no interest in buying this pair as we believe it will continue to weaken against US dollar and we have placed our selling target at 1.2050 level.

More in this category: « GBP/USD Weekly Forecast - 29 December - 02 January AUD/USD Weekly Forecast - 05 January - 09 January »

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