The EUR/USD ended the week in red despite a relief rally. The US NFP helped the EUR/USD pair to rise from the 1.1800 handle. Fed’s hawkish stance and delta variant fears are weighing on the pair. The overall trend is neutral for now and next week risk events can provide fresh impetus. The first half of 2021 ended this week with an overall US Dollar dominance and a weaker Euro. The coming week brings updates from central banks, some key data and growing concerns about a new coronavirus variant. EUR/USD and NFP reaction It seems like the entire objective of the NFP release was to initiate a correction in the Dollar rally. The data revealed modest wage growth at 3.6% while 850,000 news jobs were added to the economy. However, the upbeat data wasn’t adequate to keep the Greenback bulls alive. The long weekend ahead also pushed traders to liquidate their positions. Nonetheless, the EUR/USD pair closed the week in red despite a relief rally. Hawkish Fed It looks like the hawkish camp is growing. Christopher Waller (Fed Governor) reinforced to curtail monetary policy support for economic recovery. It means that FOMC can cut the bond-buying program sooner than expected. Delta virus fears The Delta variant of coronavirus is rapidly spreading across Europe through Britain. Although the Europeans are getting vaccinated quickly, the surge in new cases keeps pressure on the Euro. The virus fears can hurt the European summers and may hinder the reopening of the economy. Get FREE Crypto Signals Now! Eurozone data and ECB Poor Eurozone inflation data also weighed on the Euro. Headline CPI dropped to 1.9% y/y while core CPI fell to 0.9%. The economic calendar shows final services PMIs and ECB meetings that can provide fresh impetus to the market. What’s next for EUR/USD? Services PMIs and German ZEW Business Climate data are significant events for the next week. However, the most significant is ECB strategic meeting on Thursday. On the other hand, US ISM and Fed meeting minutes are due next week. Overall, these events can negatively impact the EUR/USD. EUR/USD technical weekly forecast The EUR/USD price fell below the 200-day SMA last month and made a failed attempt to surpass above it. Friday’s bullish bar shows signs of bottom reversal with adequate volume. The probability of kissing the 200-day SMA (1.1930) next week is quite high. Moving above, 20-day SMA (1.1992) and 50-day SMA (1.2025) can be the potential targets and resistance zones. On the flip side, the pair may test Friday lows around 1.1800 ahead of 1.1770 and then 1.1740. 4-hour chart of EUR/USD However, it is not clear yet which could be the path of least resistance for the pair. Therefore, the technical neutral stance for the pair will primarily be impacted by the key risk events next week. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD ForecastWeekly Forex Forecasts share Read Next XAU/USD weekly forecast: More bulls to come? Saqib Iqbal 5 months The EUR/USD ended the week in red despite a relief rally. The US NFP helped the EUR/USD pair to rise from the 1.1800 handle. Fed's hawkish stance and delta variant fears are weighing on the pair. The overall trend is neutral for now and next week risk events can provide fresh impetus. The first half of 2021 ended this week with an overall US Dollar dominance and a weaker Euro. The coming week brings updates from central banks, some key data and growing concerns about a new coronavirus variant. EUR/USD and NFP reaction It seems like the entire objective of… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.