EURUSD Weekly Forex Forecast – 29th Aug to 2nd Sept 2016 Technical Outlook:
EURUSD has broken the trend line and the horizontal support at 1.1230 – 1.1200. The declines could be extended to the next support at 1.1139. Look for a near term pullback to the price zone of 1.1230 – 1.1200 to go short. The lower support near 1.1139 could be a strong level which is supported by a confluence of the horizontal support level and the falling trend line that could act as dynamic support as prices fall back to test this level. In the event of a break down below 1.1139, expect further declines to send the EURUSD back to 1.1000 support last tested around late July this year.
EURUSD Weekly Forex Forecast – 29th Aug to 2nd Sept 2016 Fundamental Outlook:
The euro fell sharply last Friday after the Fed Chair signaled rate hikes are nearing. While economic data from the eurozone is quiet, watch for flash CPI data from the region ahead of the ECB’s meeting in two weeks. EURUSD is also likely to be influenced by Monday’s PCE figures followed by Friday’s August payrolls report.
EURUSD Weekly Forex Forecast – 29th Aug to 2nd Sept 2016 – BEARISH
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