Technical Outlook: The EURUSD continued to remain consolidating around the 1.1400 region as noted in last week’s commentary. Price action managed to briefly reclaim the 1.1400 level before giving up some the gains only to rally back after Friday’s payrolls report. The formation of a lower high above 1.1400 signals a near term weakness in price. Unless EURUSD can break past the previous high of 1.1445, we can expect to see price action test the lower support near 1.1200. There are also multiple instances of divergences showing up across most of the time frames, including H4, daily and weekly. These divergences therefore support the view of the downside in the currency pair. Look for EURUSD to drop below 1.1400 where short positions can be taken, targeting 1.1200..
Fundamental Outlook: The week ahead will see the Eurozone take a step back with most of the economic data related to second-tier data. The week starts off with the German trade balance which has continued to show a surplus. The Eurozone’s sentix investor confidence data is due on Tuesday while further data from Germany will see the wholesale price index and the industrial production numbers. The week from the eurozone ends with Germany’s final inflation figures. Preliminary inflation figures released two weeks ago showed that headline consumer prices rose 0.2% on the month in June.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 10th to 14th July 2017
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