EURUSD Weekly Forex Forecast – 20th to 24th August 2018
The economic calendar for the week ahead is slightly busy marked by some key releases that could dominate the headlines. Both the ECB and the Federal Reserve will be releasing the meeting minutes this week. The minutes cover the central bank meetings held in August. No changes were made by either central banks. Economic data over the week will cover the final GDP numbers for Germany covering the second quarter. Elsewhere, the flash manufacturing and services PMI reports will be released for the U.S. and the Eurozone for the month of August. The annual Jackson Hole symposium is also scheduled to be held this week. Investors will be closely looking at any important comments from central bankers at the event. Economic data from Switzerland is quiet.
Chart set up: The EURUSD managed to recover from the strong declines posted the previous week. Price action briefly fell to fresh lows close to 1.1330 before recovering the losses. However, the turnaround in price action is likely to be limited.
Key support/resistance levels:
Support: 1.1400; Resistance: 1.1550
With the EURUSD managing to close back above the 1.1400 level, we expect to see some upside momentum taking place. The common currency is expected to potentially make a higher low, preferably around the 1.1400 level. Following this, we expect to see price action rallying toward the 1.1550 region where resistance is likely to be formed. While the EURUSD could be seen holding on the losses around 1.1400, the break down below this level once again could signal further declines. Last week’s price action saw the currency pair briefly slipping below this support level. However, price managed to recover quickly but it signals a potential weakness in the support level at 1.1400. For the week ahead, the EURUSD is expected to bullish.
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