Technical Outlook: The EURUSD continues to trade sideways in the medium to longer term horizon with the support level established around 1.2213 - 1.2184 holding the declines. However, in the near term, the EURUSD's consolidation is shaping into a head and shoulders pattern as seen on the 4-hour chart, formed over the past few months. The neckline support is seen at 1.2213 - 1.2184 level which could be tested once again following the right shoulder formation. A break down below this level could quick escalate into a strong decline with the minimum projected target at 1.20 level. Alternately, an upside bounce off the support could see the EURUSD pushing to the upside which could invalidate the downside bias. Fundamental Outlook: The week ahead turns out to be a relatively quiet one for the Euro markets. Most of the economic data focuses on second tier information which includes flash manufacturing and services PMI data spread across the week. The flash indicators will give an early glimpse into how the business activity in the Euro had fared. On the cards will also be the German ZEW economic sentiment indicators as well as for the Eurozone. Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast - 19th to 23rd Mar 2018