Technical Outlook: The EURUSD currency pair was seen consolidating for the most part of last week. However, price action managed to inch higher, closing the week above the support level of 1.1607. In the near term, we expect to see price action falling back to this level following which further upside could be expected. The resistance level at 1.1848 is most likely to be the upside target. Alternately, failure to hold near the support level at 1.1607 could signal further weakness within EURUSD expected to trade within the range established.
Fundamental Outlook: Economic data from the Eurozone is limited over the week. The data covers mostly the retail sales numbers from Germany for the month of May. This is later followed by preliminary inflation readings from Germany, Spain and France which concludes into the Eurozone’s preliminary inflation estimates. Given the fact that consumer prices had increased strongly on the back of higher fuel prices, the markets will be looking to see if inflation was sustainable as the ECB prepares to exit its QE program.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 25th to 29th June 2018
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