Previous EURUSD Weekly Forex Forecast
Technical Outlook: EURUSD posted one of the longest losing streaks with 10 consecutive days of declines posting a fresh 52-week low at 1.0568 last week. Price action is close to trading near a 2-year low of 1.0518 following the downside breakout in prices. With the downtrend established, EURUSD remains a sell the rallies on the bounces. However, if price continues to decline to 1.0518 without any pullback it would be certain that the multi-year support level would hold. Therefore, look for potential reversal patterns on the daily chart, such as a doji near the 1.0518 support which could signal a short term correction. To the upside, the broken support at 1.0850 remains the key price level where resistance can be established.
Fundamental Outlook: The US election outcome has clearly changed the sentiment in the euro as EURUSD struggles near a 12 month low. The economic calendar from eurozone next week is relegated to second tier data with only the German GDP numbers of importance to the markets. Flash services and manufacturing PMI make up for the remainder data over the week. The euro remains a strong sell and any rallies could see new sellers entering the market, keeping prices subdued.
EURUSD Weekly Forex Forecast – 21st to 25th Nov 2016 – BULLISH
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