Technical Outlook: The EURUSD was seen attempting to breakout to the upside once again last week but failed as price action was seen reversing the gains near the falling trend line. The rather long sideways price action consolidation has resulted in what could be a potential descending triangle pattern. Support is seen at 1.2213 - 1.2184 level. A break down below this level could potentially suggest steep declines in the longer term. However, there is also scope for the EURUSD to break the falling trend line. This could open the upside with the EURUSD targeting the resistance level 1.2466. Watch for a possible base being formed at 1.2323 which could be tested if there is a successful breakout from the trend line. Fundamental Outlook: The week ahead turns out to be a relatively quiet one for the euroarea markets. Most of the economic data focuses on second tier information which includes flash manufacturing and services PMI data spread across the week. The flash indicators will give an early glimpse into how the business activity in the Euroarea had fared. On the cards will also be the German ZEW economic sentiment indicators as well as for the Eurozone. Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast - 26th to 30th Mar 2018