EURUSD Weekly Forex Forecast – 14th to 18th Jan 2019
The economic data for the week ahead will start off with the Fed Chair Jerome Powell speaking. The Fed president has given speeches a number of times in the past few weeks. This comes as the markets and the Fed try to reach a consensus on the future of interest rates. Other economic data from the U.S. includes the monthly producer price index. The data measures inflation at the factory gate and could indicate how consumer prices could settle in the coming months. Retail sales figures for December in the United States are also due this week.
Given the holiday month, retail sales could be seen coming out stronger compared to the month before. Finally, factory orders report will be another report that could shed light on factory production. From the Eurozone, the economic calendar is quiet for the month part. The final inflation report for December will be coming out this week. This includes inflation reports for Germany and the Eurozone on the whole. Recent flash inflation estimates signaled that consumer prices had weakened. Economic data from Japan and Switzerland are relatively quiet for the most part this week.
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Chart set up: The EURUSD currency pair broke out from its long term range finally last week as price rallied to highs above 1.1550 level. However, the gains quickly diminished as the currency pair was seen giving up most of the gains and falling back to test the previously breached resistance level for support.
Key support/resistance levels:
Support: 1.1463 – 1.1449; Resistance: 1.1580
The upside breakout validates the bullish ascending triangle pattern. Establishing support here could potentially see a reversal in the direction of the price. The main upside target of the bullish ascending triangle pattern is seen at 1.1580 which is likely to be tested. To the downside, it is critical that the EURUSD holds the support level around 1.1463 – 1.1449. A decline below this support could see the trend line coming in as dynamic support but this would weaken the bullish bias. For the week ahead, the EURUSD currency pair is expected to be bullish.
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