EURUSD Weekly Forex Forecast – 16th to 20th April 2018
Technical Outlook: The EURUSD was seen rising to fresh weekly highs near 1.2385 last week. However, price action quickly gave up the gains to settle back near the lower end of the support at 1.2323. In the process, the EURUSD is forming a potential bearish flag pattern near the support. A breakdown below 1.2323 could potentially signal a bearish continuation to the downside. EURUSD is likely to extend the gains down to 1.2250 as a result. This decline also marks a retest of the support level that is yet to be tested. In the near term, the alternate view would be for the EURUSD to invalidate the bearish flag pattern and maintain a sideways range within 1.2385 and 1.2323.
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Fundamental Outlook: The economic calendar from the Eurozone this week is quiet with not many market moving events lined up. The week starts off with the German wholesale price index data followed by the German ZEW economic sentiment for April. In the month of March, the economic sentiment in Germany dipped following the rise to a record high in the sentiment earlier. The decline came as German businesses were uncertain about the trade tariffs being imposed by the U.S. Besides this, the final inflation figures for March will be coming out this week. Headline inflation is expected to be confirmed at 1.4% while the core CPI is expected to rise 1.1% on the month.
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