Long-term looking we have no interest in buying this pair, despite this increase as we believe that there is plenty of resistance above 1.13 handle. However, selling is not an option at the moment as well and we believe that it is best to stay on the sidelines at the moment.
EUR/USD Weekly Forecast – 07 November – 11 November
Euro was pushed higher in the course of the last week, rebounding and breaking once again above 1.11 handle, though there were no major data releases from Eurozone during the week, with pair being supported by general weakness of US dollar. Focus of next week will be US Presidential Elections with that being a main market mover. Pair is likely to find some amount of support around 1.10 and 1.0950 handle in extension and resistance above 1.1150 and 1.12 area.
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