Technical Outlook: The EURUSD has been consolidating around the 1.1825 and 1.1728 levels for the past few weeks. Price action has remained choppy but we suspect that this consolidation could lead way to a breakout in the near term. Watch for the 1.1825 resistance level which will be key for an upside breakout. Above this level, EURUSD could be seen continuing the bullish momentum to test the upside to 1.2000 where a pending gap remains. Alternately, to the downside, a break down below 1.1728 could signal a decline to 1.1565 support level followed by 1.1489. We also notice that EURUSD is forming a descending triangle pattern which also forms basis for the impending breakout that could occur. Fundamental Outlook: Economic data from the Eurozone next week will focus on the flash PMI's including Germany and France. The PMI data will shed focus on the Eurozone's economic performance during the month of August. Specifically, data will be about the manufacturing and the services sector. The preliminary data is likely to shape expectations which is likely to rub into the ECB's meeting due in early September. An improvement in the flash PMI's will no doubt raise the case for the ECB to come out strongly hawkish at its next monetary policy meeting. Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast - 21st to 25th Aug 2017