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EUR/USD Weekly Forecast 8 Aug 16

Good day readers.

Welcome to our popular weekly edition of the EUR/USD review. I hope you had a wonderful week of forex trading!

In the previous forecast we noted a shift of demand towards the euro due to weaker than expected US economic data. Sentiments were of such that the US Federal Reserve may delay in getting the interest rate raised due to the weak data.

Looking at the EUR/USD weekly chart above we note that the currency pair is bearish for the week. It is interesting as it started out bullish initially.

From a technical point of view, the middle bollinger band held as a resistance region. We should continue to leverage on the bollinger bands and plan with consideration. Further bearish pressure may bring us to 1.09. A bullish recovery may see 1.12 tested again.

The US Non Farm Payroll turned out much better than expected. 255k jobs were added to the US economy instead of the forecasted 180k. This brought about much excitement as traders felt it may be a sign of greater times to come.

With the positive US sentiments on over drive, the earlier euro gains were erased. Investors are again speculating of a interest rate hike soon. A note of caution is that we had seen how fickle sentiments can be and hence extreme caution is advised.

Next week brings us more important economic data such as US unemployment claims and retail sales. Germany preliminary GDP will be crucial too being euro zone’s biggest economy.

Trade safely.

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