EURUSD Weekly Forex Forecast – 11th to 15th Sept 2017
Technical Outlook: The Euro rallied once again to test the levels above $1.2000 on Friday. However, towards the close, the common currency was seen giving back some of the gains. The price action in EURUSD suggests that resistance at 1.2060 remains strong and could see some near term consolidation in the common currency. This is further seen by the fact that the Stochastics oscillator has also been posting a lower high which suggests a near term decline. Technical support is found at 1.1825 which is yet to be tested. Therefore, watch for the short term technicals at 1.2060 as a reversal at this level could potentially see a move towards the suggested support level at 1.1825.
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Fundamental Outlook: Last week, the ECB’s meeting saw the euro continuing to push higher. The gains came as ECB revised the growth forecasts for the eurozone and said that the tapering decision will be announced in October. Despite mentioning the risks of a stronger exchange rate, the euro managed to keep the gains into the week. The week ahead will be quiet in contrast. Industrial production numbers from Italy will be followed by the German final inflation figures for August and from France as well. The euro is likely to take a back seat this week with focus slowly shifting to the future prospects of policy tightening from the central bank.
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