Technical Outlook: The EURUSD currency pair was seen posting a rebound off the lows near 1.1540 last week. Price action managed to break past the minor falling trend line as a result which signals an upside correction in price. With the next main resistance level sen at 1.1848 – 1.1825, the EURUSD currency pair is expected to likely extend the gains to the upside. To the downside, the declines are likely to be limited by the falling trend line which could act as a dynamic support level.
Fundamental Outlook: Economic data from the Eurozone is packed for the week ahead with the new trading month coming up with the monthly manufacturing and services PMI. Flash estimates showed that activity remained broadly subdued from the month before. The forward looking indicators are expected to show that the economic activity in the Eurozone remained more or less advancing at the same pace. This could potentially dent the sentiment in the markets about a rebound in the Eurozone economy following a slowdown in the first quarter.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 2nd to 6th July 2018
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