Euro was initially pulled lower in the course of the last week going all the way to 1.1525 level on Wednesday but formed some amount support in this area and managed to completely rebound in the course of the Friday session breaking above 1.1650 handle which was of course bullish indicator. Next week, focus will be more on US figures as there is no big data from Eurozone.

Pair is likely to find some amount of support around 1.16 handle and 1.1550 in extension while can expect resistance near 1.18 area. Long-term looking, we are still bearish for this pair. If we see break below 1.15 handle we believe that pair could go all the way to 1.12 area. Buying is not an option at the moment.

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