Technical Outlook: The EURUSD currency pair was seen mostly trading within the range of 1.2385 - 1.2320 level last week before price action posted strong declines by Friday's close. The test of support near 1.2250 saw prices being rejected strongly before closing higher. In the near term, we expect EURUSD to potentially retrace back to the lower support level that was breached at 1.2323. A retest of this level could shift to resistance keeping the downside pressure as a result. However, if price action breaks out above 1.2323, the sideways range could once again be resumed. Overall, we expect EURUSD to retest the 1.2323 level and push lower to 1.2250. Fundamental Outlook: The week ahead from the Eurozone will see a busy economic calendar. The flash services and manufacturing PMI numbers for the month of April will be coming out during the first part of the week. On Thursday, the ECB will be holding its monetary policy meeting. No changes are expected to the interest rates or the ECB's QE purchases. However, investors will be paying close attention to any change in the language that could indicate the next policy action from the central bank. Flash GDP reports from SPain will be coming out on Friday. Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast - 23rd to 27th April 2018