Technical Outlook: EURUSD was bullish as expected, but not before prices slipped below 1.0567 support level. Ideally that move would have flushed out potential long positions before the rally. With prices closing near 1.0673 on Friday, expect to see some short term declines in EURUSD back towards 1.0610 support level which previously acted as resistance before breaking out higher. This could signal possible continuation to the upside when support is established at 1.0610. To the upside, the targets are 1.0750.
Fundamental Outlook: It will be a busy week for the euro, which managed to turn bullish on Friday. Major events post big risks for the single currecy this week. On Monday, ECB President Mario Draghi is expected to speak. The euro rallied last week mostly on account of the ECB chief striking a hawkish tone. In the event of a U-turn from the ECB president, the single currency could come under pressure. Later in the week, on Wednesday, the Netherlands will be holding its general elections. The results are expected to come out on March 21, but early exit polls will likely see some volatility build up for the EURUSD. Also expect to see the final inflation numbers for February, which is expected to show the Eurozone headline inflation at 2.0%, while core inflation is expected to remain steady at 0.9%.
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EURUSD Weekly Forex Forecast – 13th to 17th Mar 2017
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