Technical Outlook: EURUSD closed the week hovering near 1.0750 level as mentioned in last week’s analysis. Price action could remain flat near the current levels as we expect a minor decline in the near term. Support level at 1.0630 – 1.0610 will be of importance as a break down below this support zone could shift the bullish bias to bearish on a short notice. This could potentially open the downside towards 1.0500. Staying with the main theme, a pull back to 1.0630 – 1.0610 could mean EURUSD will be targeting 1.0750 followed by an extension towards 1.0800.
Fundamental Outlook: Following the rate hike decision last week by the FOMC, the EURUSD currency pair managed to hold onto its gains. The single currency could be seen coming under risk later in the week on Tuesday as the Dutch elections will be officially announced. Although exit polls strongly suggest that the current PM Mark Rutte has won the elections the markets could brace for some volatility. Elsewhere, it is a quiet week as far as the Eurozone is concerned. Data includes flash PMI estimates for the month of March which could see another month of robust economic activity.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 20th to 24th Mar 2017
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