EURUSD Weekly Forex Forecast – 26th to 30th Dec 2016
Technical Outlook: EURUSD was trading flat last week with price action ranging between the 1.0520 resistance and 1.0400 support. The bias for the short term is flat and will shift to the upside on a close above the resistance level of 1.0520. In this case, further gains can be expected as EURUSD could rally towards 1.0700 resistance to the upside. Alternately, failure to breakout above 1.0520 resistance could keep the EURUSD continue to consolidate with the potential to slip back to 1.0400 support level. Overall, price action is unlikely to do much this week, although the ongoing crisis from Italy could result in some knee-jerk reaction from the markets.
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Fundamental Outlook: It will be a slow week from the Eurozone with only Spanish inflation figures coming out over the week. Traders will however keep their eyes on the ongoing crisis in Italy’s banking sector. Last week, the world’s oldest bank, Monte dei Paschi di Siena sought government funding as private investors failed to help the bank to raise 5 billion euro which would have seen the ECB stepping in. As talks failed, the world’s oldest bank is now at the mercy of a government bail-in. The main point of focus will be whether this will snowball into other weaker banks in Italy seeking a government bailout as well.
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EURUSD Weekly Forex Forecast – 26th to 30th Dec 2016 – Sideways