EURUSD Monthly Forex Forecast for July 2018
Technical Outlook: The EURUSD currency pair posted strong losses in June falling 0.07% following over 3% declines the month before. However, the currency pair has managed to post a strong rebound off the support level from where price action was seen consolidating for the most part. The rebound off this level is expected as the Stochastics oscillator was seen posting a bullish divergence while price action was steady at the support area. To the upside, EURUSD could be seen extending the gains initially to 1.1801. A break out above this level will trigger further gains to 1.2154 region.
Fundamental Outlook: The euro currency was seen extending the declines from the previous month of May. The decline in the currency came as the U.S. dollar was seen turning stronger on the fundamentals. For the month ahead, we expect to see some moderation to the declines as the common currency could be seen posting a correction. The ECB will be holding its monetary policy meeting this month. No changes are expected however as the central bank had recently announced its tapering decision as well as the decision to end its QE program this year.
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