Technical Outlook: The inverse head and shoulders pattern which signals continuation in an uptrend was invalidated last week. Despite price breaking out above the neckline resistance at 1.1248 – 1.1250, EURUSD slipped back to close below 1.1200. This suggests a near term decline to the downside. From the 4-hour chart it is evident that EURUSD is likely to test the next lower support at 1.1126, which was briefly tested two weeks ago. As long as EURUSD remains above 1.1126, there is possibility of some upside in prices. Alternately, a break down below 1.1126 support could signal a dip towards 1.0950. EURUSD outlook is currently mixed right now but the technical levels should offer more clarity. Long positions can be expected on a breakout above the neckline resistance once again.
Fundamental Outlook: After a rather busy week, economic data from the Eurozone takes a backseat. Data will however see some important releases like the final inflation figures for the month of May. The data is expected to be released on Friday. German inflation figures are also coming up this week including the monthly forward looking ZEW economic expectations from Germany. With the FOMC meeting due next wek, focus will shift to the policy changes from the Fed.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 12th to 16th June 2017
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