Technical Outlook: EURUSD has posted declines for three consecutive weeks so far with price action hovering near the 50% mark at 1.0584 from the lows of 1.0340 from 03 January and the highs of 1.0828 from 02 February. On the 4-hour chart, EURUSD is seen consolidating within a potential descending wedge pattern. Watch for EURUSD to dip towards 1.0520 where support could be established. A reversal here could signal a bounce back to the upside towards 1.0600 followed by 1.0670.
Fundamental Outlook: Data from the Eurozone this week will see manufacturing PMI numbers for the month of February. Last week, flash figures showed that manufacturing sector maintained its bullish pace of expansion, which if confirmed this week will see the recovery in the Eurozone continue to push along. This week will also see the release of the flash inflation figures but no changes are expected with headline inflation expected to remain at 1.8% and core CPI at 0.9%, unchanged from the previous month. However, U.S. data will also be key for the EURUSD this week as U.S. President Trump will be speaking on Tuesday, addressing the U.S. Congress. Traders are expecting to hear the President discuss about the proposed tax reforms and infrastructure spending.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 27th Feb to 3rd Mar 2017
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