Technical Outlook: EURUSD posted an 8-week high last week near 1.1360 before pulling back by Friday’s close. Major resistance is seen at 1.1389 but we expect EURUSD to pull back towards the support at 1.1230 – 1.1200 before we can expect further gains. Alternately, a continued bullish momentum could keep EURUSD rising towards the resistance level of 1.1389 – 1.1400, in which case, it makes for ideal price level to short from targeting the support at 1.1230 – 1.1200.
Fundamental Outlook: The fundamental landscape in EURUSD continued to evolve last week as the FOMC meeting minutes did not offer much clues but the markets continue to price in expectations of no rate hike in September. The coming week, Janet Yellen’s speech will be important in this aspect as she is scheduled to speak on Friday at the Jackson Hole symposium which could see potential remarks from the Fed president on prospects of a September rate hike.
EURUSD Weekly Forex Forecast – 22nd Aug to 26th Aug 2016 – BULLISH
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