EURUSD Weekly Forex Forecast – 29th Oct to 2nd Nov 2018
The week ahead will be mixed with the start of a new trading month. Data over the week will see the French flash GDP estimates on Tuesday. The German retail sales report is due along with the EU’s fresh economic forecasts. The preliminary GDP report for the Eurozone for the third quarter will also be on top of investor minds. Flash inflation estimates will also be due from the Eurozone this week.
The Bank of Japan will be holding its monetary policy meeting on Wednesday. No major changes are expected, and the central bank could hold its interest rates unchanged. The meeting will be followed by a press conference by BoJ Governor Kuroda. Data from Switzerland is quiet for the most part this week. The U.S. economic calendar is of course busy. The week starts off with the Fed’s preferred gauge of inflation, the core PCE price index coming out. This is later followed by big ticket items such as the ADP private payroll numbers and the ISM’s manufacturing PMI data. Later on Friday, the monthly payrolls report take center stage once again.
Chart set up: The euro currency was seen extending the declines sharply last week. The failure to capitalize on the gains the week before left the common currency to test the previously established lows for the year. Still, price action is signaling that the currency pair might be forming a bottom in the near term.
Key support/resistance levels:
Support: 1.1345; Resistance: 1.1449
The EURUSD has maintained a decline within the falling price channel indicating the downtrend. Short term bounces were met with aggressive selling. As the euro currency posts a rebound near the support at 1.1344, we expect in the short term a retest of the resistance level. The area between 1.1463 – 1.1449 is likely to be tested for resistance as it previously served as support. The common currency could be seen trading flat within these levels in the near term. For the week ahead, the EURUSD is expected to be flat.
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