EURUSD Weekly Forex Forecast – 10th to 14th Dec 2018
The markets look to a busy week ahead with some high-ticket items on the tap. The week starts off with Japan’s final GDP numbers for the third quarter. Japan’s economy slowed in the third quarter as per the previous estimates. An unchanged print could potentially dampen expectations of any policy changes from the Bank of Japan. The U.S. will see the release of key economic data including the producer price index and the consumer price index data. With recent indicators suggesting that inflation might have slowed, a weaker print could further contribute to the speculation that the Fed could slow with rate hikes next year.
Retail sales numbers are also due this week. The latest consumer spending data showed an increase which could potentially signal that retail sales could edge higher. Among the central bank meetings this week, the Swiss National Bank is due to hold its quarterly monetary policy meeting this week. No changes are expected the SNB is expected to keep policy intact. The ECB is expected to announce an end to its QE purchase program. This comes amid recent data suggesting that the Eurozone inflation was easing once again.
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Chart set up: The EURUSD is seen maintaining a flat price action indicating the uncertainty in the long term trend of the common currency. However, this could change in the coming week as the ECB’s monetary policy meeting is due to be held. We could expect to see some strong moves in the coming week.
Key support/resistance levels:
Support: 1.1345; Resistance: 1.1449
The euro currency slipped briefly last week to the identified support level at 1.1281. Following the decline to this level, the EURUSD promptly bounced back and cleared the resistance level of 1.1345. The close above this level indicates that the next upside target is back to the previously held resistance level of 1.1449. Unless the EURUSD breaks out from this range, we expect to see prices trading flat for the most part. For the week ahead, the EURUSD is expected to be bearish.
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