Technical Outlook: The EURUSD currency pair was seen trading within the flat range of 1.1801 and 1.1540. The flat price action emerges after a previous strong downtrend. This could potentially signal either a bottom formation or a temporary sideways pause ahead of further declines. This will be determined by the potential breakout from this range. An upside breakout could trigger near term gains and could cause a short term correction in prices. However, in the event that the EURUSD breaks out to the downside, a close below 1.1540 could trigger steep declines as the downtrend could resume.
Fundamental Outlook: Economic data for July did not impact the euro currency much. Although the broader outlook remained one that of cautious, the common currency managed to hold its ground. The ECB meeting was the main highlight of the month in July. However, the central bank stood pat on monetary policy. This came as the ECB had announced its forward guidance in June which included its plans to end QE by December 2018. The month ahead is expected to remain quiet for the most part. No major economic releases are scheduled amid a holiday month. As a result, the euro currency could be seen to continue trading within the range.
Previous EURUSD Monthly and Weekly Forex Forecast
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