EURUSD Weekly Forex Forecast – 14th to 18th Nov 2016
Technical Outlook: EURUSD was volatile last week as prices at one point tested highs of 1.1260 before giving up is gains and closing the week lower. Price has found support at 1.0850 this week and we can expect to see some consolidation in the near term. The daily chart on EURUSD shows the Stochastics currently forming a higher low against the lower low in price. This bullish divergence points to an impending rally in EURUSD towards 1.1124 initially. Price action is also seen consolidating within the wedge pattern and could signal a rebound in EURUSD towards 1.1124 followed by a retest of 1.1260 once again.
Fundamental Outlook: After a volatile week where politics overshadowed economics, the markets will likely focus back on the economic data this coming week. In the eurozone, the week starts off and ends with ECB President, Mario Draghi speaking and the markets will be looking for any references to the December monetary policy actions from the ECB. On the economic front, eurozone GDP estimates for Q3 is expected to show a 0.3% quarterly GDP increase, unchanged from the preliminary estimates while CPI data is expected to confirm a 0.4% increase in headline inflation.
EURUSD Weekly Forex Forecast – 14th to 18th Nov 2016 – BULLISH
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