EURUSD Weekly Forex Forecast – 26th to 30th Sept 2016
Technical Outlook: EURUSD was trading in the range and within the support and resistance levels that were mentioned lasted week. Price bounced off 1.11450 support to briefly rise to the resistance at 1.1260 – 1.1250 before pulling back lower. The 4-hour head and shoulders pattern is weakening meaning that prices could now reverse higher. If EURUSD breaks out above 1.1260 – 1.1250 resistance, then expect price to continue towards 1.1300. To the downside, expect further declines only if the support at 1.1145 – 1.1150 is broken, in which case we can expect EURUSD to slide to 1.1000.
Fundamental Outlook: For EURUSD, the fundamental outlook is fairly quiet with the flash CPI estimates for September coming up on Friday. Forecasts are bullish with inflation expected to rise 0.40% on the headline while core CPI is expected to rise 0.90%, both of which are significantly higher than August. Prior to this, central banker speeches from Mario Draghi and Fed Chair, Janet Yellen will keep the EURUSD volatile.
EURUSD Weekly Forex Forecast – 26th to 30th Sept 2016 – BULLISH
EURUSD might be fast approaching resistance but with Stochastic pointing up and not yet in overbought condition, it is looking likely that EURUSD might just have enough strength to breakthrough resistance. This week, we feel that EURUSD has some strength left in it to continue its up north march and the bears might just have to wait another week before it’s allowed to get back into action.
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