Technical Outlook: The EURUSD posted a steady decline after price action failed to break past the highs of 1.2496 previously. The decline saw the euro currency falling with price likely to extend the declines to the first target level of 1.2070. In the near term, we expect to see a short term pull back in the EURUSD. Any retracements will likely stall near the resistance level that will be formed at 1.2352 – 1.2331. A reversal at this level will suggest further declines in price and could attract new sellers into the market. In the event that EURUSD breaks past this resistance level the downside bias would be invalidated.
Fundamental Outlook: The week ahead from the Eurozone will see only second tier data coming out for the most part. The week starts off with the EU economic forecasts that will be released by the ECB on Monday. Any hawkish forecasts for the Eurozone’s GDP and inflation could bode well for the euro currency. Later in the week, the second revised estimates on the GDP data will be released. No revisions are expected with the Eurozone economy confirmed to rise at a pace of 0.6% in the quarter ending December. Besides the main data points Italy will also be releasing the GDP numbers including Germany.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 12th to 16th Feb 2018
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