EURUSD Weekly Forex Forecast – 28th Nov to 2nd Dec 2016
Technical Outlook: In last week’s commentary we noted that EURUSD would be likely to make a reversal near 1.0518 region. Price fell to this level on Thursday and by Friday we saw a bullish reversal later the Thursday’s doji pattern. This will indicate a near term bias to the upside as EURUSD could potentially target 1.0850 price level to establish resistance. On the 4-hour chart, EURUSD could remain range bound within 1.0580 – 1.0518 region and this makes for an ideal price region to go long on EURUSD targeting 1.0850. Alternately, if price doesn’t fall back into this range, buy the dips after price breaks out above 1.0650.
Fundamental Outlook: The week ahead is quiet for the euro area but the upcoming Italian referendum will likely keep the market sentiment under pressure. On the economic front, data this week includes Germany’s preliminary inflation data which is expected to show that inflation rose at a slower pace of 0.1% while later in the week, eurozone inflation is expected to show a 0.6% increase, up from 0.5% previously. ECB President, Mario Draghi will be speaking on Monday and Wednesday as well.
EURUSD Weekly Forex Forecast – 28th Nov to 2nd Dec 2016 – BULLISH
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