EURUSD Weekly Forex Forecast – 13th to 17th Nov 2017
Technical Outlook: The EURUSD managed to close last week on a bullish note, which follows the previous week’s doji candlestick pattern. This suggests some near term upside momentum in price. On the 4-hour chart, price action posted a strong bounce off the support level near 1.1588 – 1.1573. Failure to break down below this level suggests the potential invalidation of the bearish flag pattern. As a result, we can now expect EURUSD to test the resistance zone of 1.1691 – 1.1674 level. A reversal at this resistance level could see price action pushing lower. However, the sideways range within the mentioned resistance and support levels is likely to be maintained.
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Fundamental Outlook: The week ahead will see the economic data from the Eurozone continuing with second tier data. However, the week is marked by GDP releases from Germany, France, Italy and the second revised GDP report for the Eurozone. No changes are expected as the Eurozone GDP is expected to remain steady at 0.6% as initially indicated by the preliminary report. Later in the week, the final inflation figures are expected to confirm that consumer prices weakened in the month of October. The data is unlikely to make any major impact on the euro currency which has already started its correction following the rally since June.
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