EURUSD Weekly Forex Forecast – 27th to 31st August 2018
Economic data for the week ahead will see only the U.S. second revised GDP estimates standing out. Data from Japan, Switzerland and the Eurozone take a backseat. Some of the economic reports from the U.S. will cover the personal spending and personal income data. The core PCE price index data will also be due this week. In the Eurozone, data will see the release of the German retail sales figures. Flash inflation estimates for the month of August will give preliminary insight into consumer prices for August. Data from Japan and Switzerland are light for the week ahead.
Chart set up: The EURUSD currency pair was seen posting strong gains last week. The rally came just after the common currency posted strong losses and fell to fresh yearly lows. After forming the bottom, the EURUSD made a brief retest back to 1.1400 before posting strong gains over the week and closing at 1.1627.
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Key support/resistance levels:
Support: 1.1550; Resistance: 1.1627
With the support and resistance level established at 1.1627 and 1.1550 the EURUSD currency pair is expected to post a brief consolidation within these levels. A breakout from either of these levels could indicate further gains or losses in the near term. The bias is likely to the downside as the euro currency could be seen retracing the gains. This is also slightly validated by the bearish divergence on the 4-hour Stochastic indicator. The euro currency could be seen extending the declines down to 1.1400 lower support that was only briefly tested. Alternately, in the event that the EURUSD breaks out above 1.1627 then we expect to see further gains to push the currency pair toward the next round number support at 1.1700. For the week ahead, the EURUSD is expected to be slightly bearish.
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