I Expect A EUR/USD Drop

During the last work day of this week the market was not particularly active, which is not surprising considering that we are at the eve of Easter, i.e. one of the largest Christian holidays.

EUR/USD, like most pairs, was moving within a tight range of about 20 – 22 pips during the whole day and when the market closed it was at 1.0610.

At the beginning of next week I expect a move to the downside to 1. 0580 – 1.0550.

If the drop deepens I think it is possible to reach even 1.0500.

On the other hand, if the pair starts climbing there is a strong resistance at 1.0670.

Still, I think that the scenario for a drop at the beginning of the week is more probable for this pair.