Technical Outlook: The EURUSD posted strong gains after the initial rally to the resistance level at 1.1850 saw price falling lower to 1.1730. The strong reversal came on better than expected economic data out of Germany and flash indicators from the Eurozone. The breakout above the resistance level at 1.1850 signals further continued momentum. The next initial target is the unfilled gap from 22 September at 1.1948. This will be followed by a move towards 1.1988. In the near term, any declines in EURUSD will probably attract strong buyers into the market. Ideally, look for a decline in EURUSD towards the 1.1850 level where support could be established ahead of further gains.
Fundamental Outlook: The economic data from the Eurozone this coming week will be a mix of both first tier and second tier data. The week starts off with the preliminary inflation reports from Germany and France. This sets the stage for the Eurozone’s flash inflation estimates due on Thursday. The flash inflation data covers the period of November and could signal whether inflation in the Eurozone has picked up or remained stagnant. On Friday, the final manufacturing and services PMI figures will be released and the data sheds light on the state of the economic activity in the Eurozone for the month of November.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 27th Nov to 1st Dec 2017
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