Technical Outlook: The EURUSD posted declines last week with the U.S. dollar seen making some recovery. However, by Friday’s close, price action managed to recover some of the declines. Closing on Friday near the support level of 1.1929, price action looks poised to push lower in the coming week. Immediate support is found at 1.1825 which is pending a retest. Further downside could be expected if EURUSD slips below this support in which case, EURUSD could be seen testing 1.1691. To the upside, if EURUSD maintains the current gains, we can expect another test back to 1.2060.
Fundamental Outlook: Economic data from the Eurozone this coming week will focus on the final inflation figures. According to the flash estimates, consumer prices in the Eurozone was seen accelerating in August. A confirmation of this could give a vote of confidence for the euro currency and the ECB as well. The German ZEW economic sentiment as well as the Eurozone economic sentiment data will be coming up this week as well. Into Friday, the flash PMI figures will be coming out for September. PMI figures in August were a bit mixed but still relatively pointed to a steady economic growth in the region. With the euro taking a backseat, focus will turn to the U.S.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 18th to 22nd Sept 2017
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