EURUSD Weekly Forex Forecast – 11th to 15th June 2018
Technical Outlook: The EURUSD currency pair managed to recover from the yearly lows posted a few weeks ago. Price action rallied last week to a three week high at 1.1840 before easing back. We expect to see some consolidation taking place at this level ahead of a possible correction to the downside. The breakout off the resistance near 1.1607 is likely to be tested for support. A rebound in prices could potentially keep the upside in the currency pair. However, if the EURUSD manages to breakout above the resistance level at 1.1848, then we expect to see the gains pushing the currency pair toward the 1.20 handle.
Fundamental Outlook: The economic calendar from the Eurozone for the week ahead is marked mostly by second tier data. The week starts off with the regional final inflation figures followed by the final inflation figures for the month of May. Preliminary estimates showed that consumer prices rebounded sharply during the month. Amid the economic reports, the ECB’s monetary policy meeting is likely to stand out. At the meeting, investors expect to hear from the ECB about its plans on ending the QE in September 2018. With the recent downtick in the Eurozone economic activity, the ECB’s decision will be closely watched. Interest rates are expected to remain unchanged at this week’s monetary policy meeting.
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