Technical Outlook: The EURUSD currency pair fell back to the 1.1607 level of support as noted from last week. The declines came after the curency pair briefly tested the highs near the resistance level of 1.1848. The declines however look to be consolidating for the moment. A recovery around the 1.1607 is likely as the EURUSD could be seen retesting the resistance level near 1.1848. This is evidenced by the fact that the 4-hour Stochastics oscillator is posting a hidden bullish divergence.
Fundamental Outlook: After a rather busy week last week that saw the ECB’s meeting, the Euro markets head into a quiet period ahead. The economic calendar for the week ahead is mostly dominated by the flash services and manfuacturing PMI numbers. The data forecasts the economic performance for the month of June. With the second quarter of the year almost coming to an end, investors will be closely watching the flash PMI numbers as it could signal the potential GDP growth in the economic bloc. The Eurozone consumer confidence numbers will also be coming out to reflect the consumer sentiment in the region.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 18th to 22nd June 2018
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