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.
EUR/USD Weekly Forecast - 2 July - 6 July
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.
UK still likely to leave the EU with a negotiated agreement, says Number 10
A successful deal with the European Union remains the “most…
Sentix Investors Confidence rose to 14.7 in August
The summer heat in Europe is also causing economic temperatures…
German factory orders -4.0% seasonally adjusted on the previous month
Based on provisional data, the Federal Statistical Office (Destatis) reports…
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
China's exports are expected to have maintained solid growth in…