In long-term trends, if we see decisive break above 1.08 area we would be interested in buying the pair as this a major resistive point. We are not interested in selling the pair at the moment.
EUR/USD Weekly Forecast – 06 February – 10 February
Euro was pushed higher in the course of the last week, going all the way to 1.08 handle, after it formed support around 1.06 area. Pair was mostly supported by rather good Eurozone CPI figures. However, 1.08 area proved to be too resistive for the pair at the moment with pair pulling back slightly but still finishing the week near 1.08 area. As for next week, without major data releases pair is likely to continue to struggle with 1.08 handle. Any type of supportive candles around 1.07 area would be short-term buying signal, while resistive candles above 1.0850 level would be short-term selling opportunity.
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