In long-term trends, we have no interest in selling the pair, after this rebound. However, we expect plenty of resistance around 1.20 handle. Selling is not an option until we see decisive break below 1.15 area.
EUR/USD Weekly Forecast – 01 January – 05 January
Despite holiday season, euro was pushed higher in the course of the last week. Pair initially formed support around 1.1850 handle and then broke higher in the second part of the week going all the way to above 1.20 handle, where it found some amount of resistance but managed to finish the week and the year around 1.20 area. As for next week we expect more volatility in the second part of the week with Eurozone CPI and US NFP figures. Any type of supportive candles around 1.19 and 1.1850 area would be short-term buying signal, while resistive candles above 1.2050 and 1.21 level would be short-term selling opportunity.
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