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EUR/USD Weekly Forecast - 26 January - 30 January

Friday, Jan 23 2015

Euro sharply fell in the course of the last week mostly due to ECB announcement on asset purchase program, after which pair went all the way down to 1.12 handle. Next week will be less eventful with Eurozone data but the focus will be on FOMC Statement which could push euro further down.

We do not have doubt at the moment that long-term target for euro is 1.10 handle so we are more than comfortable with selling this pair. Buying is not an option until we see break above 1.20 handle which does not seem very likely in the near future. On a short-term basis, we believe that 1.12 handle will offer some amount of support initially in the week, so this would be our short-term buying point, while area above 1.1360 level is where we expect resistance and would sell the pair.

More in this category: « GBP/USD Weekly Forecast - 26 January - 30 January AUD/USD Weekly Forecast - 02 February - 06 February »

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