EURUSD Weekly Forex Forecast – 19th to 23rd June 2017
Technical Outlook: EURUSD managed to recover the FOMC induced losses on Friday as price action closed at $1.1197. This near term retracement coincides with the resistance level of 1.1200 – 1.1197. A reversal off this level could signal a continuation to the downside. However, a close above this level will see EURUSD continue to push higher with a strong likelihood of the bias shifting to the upside. Watch for the range between 1.1200 and 1.1126. A breakout from either of these two levels will signal a continuation in the near term. To the upside, above 1.1200, EURUSD could be seen testing the highs near 1.1300, while to the downside 1.0950 remains the downside target in the medium term below 1.1126.
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Fundamental Outlook: The week ahead will be rather quiet as far as the Eurozone is concerned. Most of the economic calendar which is relatively light will focus on the flash PMI’s on manufacturing and services sector. Germany’s producer prices index data is also due on Tuesday although it is unlikely to impact the common currency much. Given that not much from the Eurozone is coming up this week, traders will likely shift attention to the Brexit talks that are due to start on Monday, June 19.
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