Technical Outlook: The EURUSD maintained a range within 1.2443 and 1.2240 levels for the most of last month. Price action continues to consolidate within these levels and suggests that there could be a potential breakout from this range in the month ahead. We could see some short term gains in price as EURUSD continues to push ahead to thee upside within the broader triangle pattern that is evolving near the top end of the rally. A close above 1.2443 could signal further gains to the upside with the potential for the euro currency to post fresh highs. However, in the event of a reversal the declines are likely to stall near the low end of the support at 1.2240.
Fundamental Outlook: The month ahead will see a relatively quiet month following the close to the first quarter data. With the ECB seen hold interest rates steady, focus remains on the fundamentals from the region. Recent consumer price index data suggested that headline inflation might have increased in the month of April. This could reflect in some positive sentiment in the common currency. With most of the domestic issues now a thing of the past, the focus will remain on the global trade uncertainty led by Trump’s policies. The markets are cautious as the potential for the trade uncertainty could trigger into a global trade war with Europe likely to be affected. The only main event coming up in April is the ECB’s monetary policy meeting but no changes are expected from the central bank this month.
Previous EURUSD Monthly and Weekly Forex Forecast
EURUSD Monthly Forex Forecast for April 2018
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