Technical Outlook: The EURUSD was seen continuing to drift to the upside with price posting a strong reversal after initially falling to the support level at 1.2213 – 1.2184. Last week’s ECB meeting saw the euro rallying ahead of the meeting before easing back. The EURUSD continues to trade sideways within the resistance and the support levels that are formed. However, the brief breakout above the resistance level week failed to hold the gains which saw the euro currency settling back into the range. We expect this sideways range to continue for a while until a strong breakout could potentially establish a short term trend. We expect downside risk in the EURUSD which could see price testing 1.2070 level in the medium term.
Fundamental Outlook: Following last week’s key event risks that included the Italian elections and the ECB’s monetary policy meeting, the week ahead looks somewhat quiet for the euro currency. Most of the economic data for the week ahead focuses on the second tier data. The week starts off with the private payrolls quarterly report from France and the final inflation figures. The ZEW institute will be releasing the German and the Eurozone economic confidence. The data could gain importance as earlier, another measure of sentiment showed that the Eurozone economic sentiment had weakened. Industrial production and final inflation figures for the month of February are expected later in the week.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 12th to 16th Mar 2018
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