EUR/USD Weekly Forecast - 17 October – 21 October

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Sunday, Oct 16 2016

EUR/USD Weekly Forecast - 17 October – 21 October

Euro continued its decline in the course of the last week as well, breaking below 1.10 handle, which was a major psychological support for a long time, which is of course a negative sign. Focus of the next week will be on ECB interest rate decision and the following press conference. Pair is likely to find some amount of support around 1.09 and 1.0850 handle in extension and resistance above 1.1050 and 1.1130 area.

Long-term looking we have no interest in buying this pair as we believe that there is plenty of resistance above 1.13 handle and all the concerns surrounding Brexit have a lot of impact on euro as well. Also, now when we have seen break below 1.10 handle we believe that pair could go all the way to 1.08 area.

More in this category: « GBP/USD Weekly Forecast - 17 October – 21 October AUD/USD Weekly Forecast – 07 November – 11 November »

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