EURUSD Weekly Forex Forecast – 10th to 14th Oct 2016
Technical Outlook: As mentioned last week, EURUSD reached the downside target to the support level of 1.1145 – 1.1140, briefly falling below lower during the week but managing to recover by Friday. The medium term range between 1.1260 – 1.1250 which acts as resistance and the current support at 1.1145 – 1.1140 remains in range in focus. The risk to a downside move increases especially with the weekly candlestick closing with a shooting star which could signal near term decline in prices. Watch for a reversal near 1.1200 – 1.1250, which could potentially spell downside towards 1.1145 – 1.1140 followed by larger declines to 1.1100.
Fundamental Outlook: Economic data next week is quiet from the Eurozone with only the German ZEW economic sentiment on tap. The remainder of the data includes CPI numbers from Germany and France and the Eurozone Sentix index. With a rather quiet week for the euro, the focus will shift to the US data which will see the FOMC meeting minutes, US retail sales and PPI data. With Price momentum up and Stochastic pointing upwards, EURUSD look set for another Bullish week until key resistance area 1.12500. It will be interesting to see if resistance will hold against this coming test this week.
EURUSD Weekly Forex Forecast – 10th to 14th Oct 2016 – BULLISH
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