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EUR/USD Forecast 3 August 15

Good day to everyone.

Welcome to another of our weekly forecast review for the EUR/USD.

In the previous EUR/USD forecast we noted that the currency pair was bullish for the week. It did approach the 1.08 region as expected before a bullish correction took place. The current bullish recovery might be temporary. A clearance of it would bring us to 1.11. Any bearish return might once again target 1.08


Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair is a near doji for the week. As mentioned last week, the bullish correction was temporary indeed.

While it remains far from obvious what the current trend might be, it may be useful to note that the weekly chart above looks like a double head formation. If indeed we may be looking at a technical dive for 1.05.

Support and resistance region by the numbers will give us 1.11 and 1.08 respectively.

Fundamental Analysis

We are expecting the US Non-Farm Payroll towards the end of the week and I would like to urge everyone to be cautious. With the increasing expectation of a interest rate hike by the US Federal Reserve, any developments which are out of the norms might trigger volatility.

In the euro zone, analysts are reported to be wary of the impact to the euro currency due to the Greece debt woes. The China correction also continues to hold sentiments hostage.

In view of the above I am currently on the sidelines. I intend to drop down to shorter time frames and monitor the price movements.

Trade safely.

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