Good day forex traders and readers.
Welcome to our weekly forecast review of the popular currency pair, EUR/USD. This currency pair is probably the most popular one in the markets.
In the previous EUR/USD forecast we noted that the currency pair was experiencing bearish pressure for the new week and it was at a critical support level. If the currency pair managed to break below, we might see an extended bearish push for 1.3350.
Looking at the EUR/USD weekly chart above we note that the currency pair continued on a bearish momentum. It had since distanced itself from the critical support region.
Should the bearish momentum continue, 1.34 may function as an immediate support before the journey to 1.3350.
Any return of bullish pressure would probably target 1.35.
As the Ukrainian unrest continues, the drag to the euro zone increases. Furthermore with the complication of the plane crash, a quick resolution is unlikely. With the increasing pressure on Russia, it is crucial to observe the implications.
In recent times, the US is seen to be releasing better than expected economic data. For the example the unemployment situation. The situation across the Atlantic is however a mixed bag. This may be one of the reason why the EUR/USD is going in favor of the US dollar.
The new week will bring a number of critical economic releases. For example the FOMC meeting minutes and the US Non-Farm Payroll. Do trade carefully.
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