Technical Outlook: EURUSD rallied above 1.1200 last week but price action failed to hold on to the gains above this level for long. As a result, EURUSD closed below 1.1200 on Friday. We expect to see further downside only below 1.1150 which will potentially put the euro on track to testing the 1.0950 support level. The week ahead will be crucial as the data could shape the U.S. Federal Reserve’s rate hike expectations. Watch for price action near 1.1200. A failure to breakout above this price level will signal a move to the downside..
Fundamental Outlook: The week ahead from the eurozone will see traders shifting focus to the flash inflation estimates figures which stands out in an otherwise relatively quiet trading week. The flash inflation figures for the month of May will shed light on whether consumer prices stabilized following a sharp increase the month before. Most of the previous gains in consumer prices came as a result of price increase around the Easter holiday which is expected to see consumer prices pullback in May as a result. Besides the eurozone’s inflation data, other regional economic releases includes the German and Spanish inflation figures. Starting Thursday, the new trading month will be marked with the latest manufacturing PMI numbers from the region.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 29th May to 2nd June 2017
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