EURUSD Weekly Forex Forecast – 24th to 28th Oct 2016
Technical Outlook: EURUSD broke down below the 1.0900 barrier last week as mentioned in last week’s commentary. The declines came after EURUSD failed to retrace to the 1.1140 resistance level and instead rallied only to 1.1000 before giving up its gains. The strong declines now mark a three week losing streak as 1.0850 remains the next level of interest. On Friday, 21 October, EURUSD closed the 4-hour session with a doji followed by a bullish reversal. This indicates a near term upside but the gains could be limited. Traders who are seeking new positions in EURUSD are better off to wait for a reversal based on the daily chart, such as a doji to confirm the upside. Resistance is now clearly back at 1.1000.
Fundamental Outlook: The euro will see the flash PMI numbers coming out for October on Monday. ECB president Mario Draghi is scheduled to speak on Tuesday and the euro could be seen coming under pressure once again. Later in the week, French GDP numbers and German inflation figures will be released.
EURUSD Weekly Forex Forecast – 24th to 28th Oct 2016 – BEARISH
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