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EUR/USD Weekly Forecast 6 June 16

Good day forex traders.

Welcome to another edition of our popular review of the EUR/USD. Serving you since 2008 🙂

In the previous weekly forecast, the currency pair came across as rather bearish. It was as such for a few weeks now but we did note that the current nature of the markets is highly sentimental. Hence a change in cdevelopments might derail all expectations. A main influence on such would be the US interest rate hike.

Looking at the EUR/USD weekly chart above we note that there was a sudden bullish climb. It went through a number of resistances.
The immediate resistance now will be 1.14. This is a significant region and a breakage may open up 1.16. As usual the upper bollinger band may also serve as an immediate resistance too.

From a fundamental point of view, there wasn’t much change. The only major impact would probably be the worse than expected US Non Farm Payroll. The forecast was 159k of jobs added but the actual figure turned out to be 38k. I mentioned before that jobs being an important indicator of an economy’s health, would often be closely monitored.

With the disappointing NFP, a number of analysts are having doubts of an interest rate hike soon. The US Federal Reserve mentioned often that any hike will be dependent on acceptable economic data. It is speculated that such a NFP showing will be a cause for concern. This probably caused a knee jerk sales of the US dollar.

Next week brings us speeches from both tops of the US Federal Reserve and European Central Bank. We may see unexpected currency movements due to sentiments shift.

Trade safely.

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