EURUSD Weekly Forex Forecast – 15th to 19th Oct 2018
The markets move into the third week of October with economic data continuing to lay the picture for the third quarter economic performance. The data from the Eurozone will cover mostly the business and economic sentiment. But this will shed light on how the economy is shaping up. Overall economic data is relatively quiet especially from Switzerland and Japan. The national CPI report from Japan will be coming out over the week. The Eurozone will report its inflation figures for the month of September
Meanwhile, the FOMC will be releasing its meeting minutes. No surprises are expected as the central bank is expected to push with one more rate hike in December. Economic data from the U.S. will include the retail sales report which is forecast to rise sharply on a month over month basis. Other data over the week includes forward looking indicators and housing market reports. The flows will of course be determined by the general market sentiment. The U.S. dollar continues to remain on the forefront. Investors will be looking to the data on the back of last week’s sell off.
Chart set up: The EURUSD managed to form a temporary base within the support and resistance level of 1.1418 and 1.1545. Price action managed to break past the resistance level to the upside with Friday seeing a retest of this support level. In the near term, this could potentially signal a short term shift in the trend.
Key support/resistance levels:
Support: 1.1545; Resistance: 1.1715
The euro currency got a boost on the back of a weaker U.S. dollar last week. After initially falling to the lows around 1.1450, the common currency managed to catch a break. The close above the resistance level now indicates an upside in price. With the resistance level being tested for support, we can expect to see further gains. As long as the support level holds, the EURUSD could be seen attempting to test the next main resistance level of 1.1715. For the week ahead, the EURUSD is expected to be bullish.
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