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EUR/USD Weekly Forecast - 12 January - 16 January

Friday, Jan 09 2015

Euro continued its downtrend in the course of the last week finishing it around 1.1830 level. It was a week of mixed Eurozone data, and strong US readings, but with Eurozone CPI falling to deflation area there was not much of a chance for euro staying higher. As for next week, pair is likely to find support around 1.1750 level initially so this would be our short-term buying point, and resistance above 1.1880 area so this would be our short-term selling point.

Long-term looking we would not place any larger bids at the moment as we would first like to see decisive break below 1.18 handle in order to start selling the pair. However, this area is quite supportive at the moment so we do not exclude possible bounces to near 1.20 handle.

More in this category: « GBP/USD Weekly Forecast - 12 January - 16 January AUD/USD Weekly Forecast - 19 January - 23 January »

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