EURUSD Weekly Forex Forecast – 14th to 18th Aug 2017
Technical Outlook: The EURUSD dipped to 1.1728 last week to establish support. Price action rallied back to retest the 1.1825 level before closing the 4-hour session at 1.1824. Resistance level is seen at this level which briefly played out as a support level two weeks ago. With resistance being formed here, EURUSD is likely to remain range bound within the resistance level of 1.1825 and the support at 1.1728. A breakout from this range will establish further direction in the near term. To the downside, the next support comes in at 1.1565, while to the upside, we can expect further gains to continue above 1.1825. Given the sharp gains in prices, EURUSD is likely biased to the downside.
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Fundamental Outlook: Data from the Eurozone for the week ahead will see some key flash economic indicators being released. After a rather quiet start to the week, Germany’s preliminary GDP data for the second quarter will be coming out on Tuesday. The German GDP data will of course set the tone for the Eurozone’s GDP numbers that are due to come out later in the week. Besides the flash GDP estimates for the Eurozone, the inflation figures will also be released on Thursday. Following a modest increase of 1.3% in July, another consecutive monthly increase in inflation could potentially increase the odds for the ECB to announce tightening monetary policy in September.
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