EURUSD Weekly Forex Forecast – 26th to 30th Nov 2018
The economic calendar for the week ahead will continue with some GDP data out of the Eurozone. The French preliminary GDP for the third quarter will be coming out on Monday. This is followed by the German business climate. Given the weakening sentiment among businesses, the data could disappoint. Later in the week, the flash inflation estimates from France, Germany and Spain will shed light on how inflation behaved in November.
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Data from the United States will see the second revised GDP estimates for the third quarter. The first estimates showed that the gross domestic product increased 3.5%. The Fed will also be releasing the meeting minutes this week on Thursday. Data from Switzerland will see the release of the quarterly GDP numbers for the third quarter. No major surprises are expected. Economic data from Japan will focus on the inflation and retail sales figures for October.
Chart set up:
The EURUSD currency pair remains range bound as last week, price action was seen testing the resistance area near 1.1450 and the support at 1.1345. This flat price action comes just after the euro currency broke out from the falling price channel.
Key support/resistance levels:
Support: 1.1345; Resistance: 1.1449
The current decline back to the support area marks a retest of the breakout from the falling price channel. This indicates that the euro currency could potentially look for a rebound. This is also seen with the Stochastic oscillator in the oversold levels. A successful rebound would push the euro back to test the resistance area. A breakout above this level will then pave way for further gains toward 1.1606 level. For the week ahead, the EURUSD is expected to be flat.
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