EUR/USD Weekly Forecast - 05 January - 09 January
It was a steadier beginning of the last week, with holiday season on and less liquidity at the markets, however, by the end of it euro broke much lower, hittning our long-term target and going even below it with a weekly closing just few points above 1.20 handle. Next week focus will be on Eurozone CPI data, FOMC Meeting Minutes and NFP report. We believe that pair will initially steadier beginning of the week with a support around 1.20 handle, but in a case of a hawkish US report it is easily imaginable for us to see euro all the way to 1.19 handle.
On the other hand, we do not believe in huge uptrends at the moment, so we would use any rallies as just another selling opportunity. Long-term looking buying is not an option at the moment, as pair could continue much lower, since ECB is just getting ready for another round of monetary stimulus why it is only matter of time when will Fed raise its interest rates.
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