Long-term looking we have no interest in buying this pair, especially now when we have seen break below psychologically important support level. Pair could now easily go all the way to parity level, though we can expect some rebound ahead of holidays.
EUR/USD Weekly Forecast – 19 December – 23 December
Euro was initially pushed higher in the course of the last week going all the way to 1.0670 area, but there found significant amount of resistance and after Fed decision to hike interest rates and rather good US figures, pair pulled back all the way to 1.04 handle, multi-year low, where it found some amount of support and managed to finish the week around 1.0450 area. As for next week, as holidays are approaching we can expect a bit less volatility. Pair is likely to find some amount of support around 1.04 and 1.0350 handle in extension and resistance above 1.05 and 1.0580 area.
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