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EUR/USD Forecast 8 June 15

Good day forex traders and readers.

Welcome to our popular EUR/USD forecast. How was your week? I hope you made money from forex trading.

In the previous EUR/USD forecast we noted that the currency pair did not manage to clear the middle bollinger band. It had since turned bearish and dipped below 1.1 which is a significant support and resistance area.

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Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair tested the 1.14 resistance and failed to gain a foothold. It has since eased back to to the 1.11 support and resistance region as mentioned previously.

The current technical situation is tricky as the currency pair may be consolidating. Bullish momentum will need to take note of possible resistance at the middle bollinger band at 1.12 and the major support and resistance region at 1.14. Bearish momentum will likely see support at 1.10 and later at the supportive region of 1.08.

As always I suggest to drop down to the shorter time frame to monitor the price action for additional insights.



Fundamental Analysis

As mentioned in the AUD/USD forecast, the US Non-Farm Payroll came across as largely positive to most economists. This is because jobs created was better than expected by the analysts. While the unemployment rate increased to 5.5% , it is widely believed that this was probably due to the increase of the number of job seekers. Economists believe that it may be due to a better economic outlook that more people are starting to look for jobs. These conclusions are probably uplifting for the sentiment towards the U.S. economy.

In recent times we are also noting an increase in positivity towards the euro area. Unemployment has retreated slightly and inflation prospect seems to be looking better. There is some wild speculations that the European Central Bank may react to such better prospects by altering the quantitative easing program. While it is unlikely that the European Central Bank changes its plan so fast, I do see such speculations as optimism in the markets.

In view of the moving fundamentals it is ever more crucial to pay close attention to economic events in the upcoming week.

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