Technical Outlook: EURUSD closed just around the 1.0800 resistance level which has been tested multiple times. The price action on the 4-hour chart along with the Stochastics is pointing to a potential downside correction in prices. EURUSD broke out from the rising wedge pattern but rallied back to test the previous highs. The break down below the lower trend line and the failure to post a high above 1.0815 indicates a near term decline in prices. Watch for a potential continuation to the downside, with EURUSD likely to eventually target 1.0630. The bearish bias remains invalidated on a daily close above 1.0815. Fundamental Outlook: Data from the Eurozone this week will be focusing on the German Ifo business climate data which is forecast to rise modestly to 111.2 compared from 111.0 previously. Later in the week, the eurozone's flash CPI numbers will be coming out and the forecast is expected to show 1.8%, which is a slower pace of increase in the headline inflation compared to 2.0% previously in February. Core CPI is also expected to rise at a slower pace of 0.8% compared to 0.9% in February. Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast - 27th to 31st Mar 2017