EURUSD Weekly Forex Forecast - 2nd to 6th April 2018

EURUSD Weekly Forex Forecast – 2nd to 6th April 2018

EURUSD Weekly Forex Forecast – 2nd to 6th April 2018

Technical Outlook: The EURUSD continues to play the range as price action over last Wednesday and Thursday was seen giving up the gains from earlier in the week. EURUSD maintains the range within 1.2466 and 1.2213 levels with the near term support seen at 1.2323. Following last Thursday’s break down below 1.2323, we expect to see further downside in store. In the near term, EURUSD could be seen consolidating near 1.2323 level following which a reversal at this area could signal a decline toward 1.2213 – 1.2184 level of support. In the event that the currency pair moves back above 1.2323, then we expect further upside in store with the new range of 1.2466 and 1.2323 coming into play.

Fundamental Outlook: Following a quiet end to the month of March, economic data from the Eurozone picks up steam. The week starts off with the manufacturing and services PMI coming out for the month of March. Given that Monday is bank holiday in most parts of Europe, trading is expected to remain thin. Later in the week, the flash inflation estimates for March will be released. This could potentially shed some early insight into how consumer prices behaved. Inflation is typically expected to rise around the periods of March – April, therefore an upside surprise cannot be ruled out. This week will also see the release of the ECB’s monetary policy meeting.

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EURUSD Weekly Forex Forecast – 2nd to 6th April 2018

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