Analysis and Forecast EUR / USD - Weekly review (05.09-09.09)

Currency pair after Friday breaking above the downtrend line (drawn from the summit at the level of 1.1617), in the second part of the day back below of that line. On Monday due to the Labor Day in the US liquidity may be lower, but the demand side will try to correct some declines. Therefore, the movement toward the 1,1174-86 seems very likely. Considering the lack of data I do not think that the demand was able to bring back to above the level of 1.12. (The first important data will be released only on Tuesday).

Alternate version assumes deepening declines towards 1,1123-30 and only at this altitude counterattack see the demand side. Breaking down the last support 1.1123 will signal further declines.

Subjectively looking at the eurodollar market, I assume further weakening the single currency.