In long-term trends, after recent uptrend, we have no interest in selling the pair. However, we expect plenty of resistance all the way up to the way to 1.20 handle.
EUR/USD Weekly Forecast – 07 August – 11 August
Euro was initially pushed higher in the course of the last week going all the way to 1.19 handle in one moment, with pair being supported by overall weakening of US dollar. However, pair pulled back on Wednesday closing the week around 1.1770 area, due to better than forecasted NFP figures. Next week focus will be on US PPI and CPI data. Any type of supportive candles around 1.17 and 1.1650 area would be short-term buying signal, while resistive candles above 1.1850 and 1.19 level would be short-term selling opportunity.
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