EURUSD Weekly Forex Forecast - 2nd to 6th Oct 2017

EURUSD Weekly Forex Forecast – 2nd to 6th Oct 2017

EURUSD Weekly Forex Forecast – 2nd to 6th Oct 2017

Technical Outlook: The EURUSD fell to a 6-week low on Friday closing at 1.1821. The price action suggests the downside correction in EURUSD which we were anticipating for the past few weeks. Currently, the currency pair could be seen establishing a new range. We can see the potential resistance level that can be formed near 1.1846 – 1.1880 level, while to the downside, any dips in EURUSD could stall near 1.1765. With this new range, we expect EURUSD to initially slip back to 1.1765 before price rebounds towards 1.1846. Validating this view is the hidden bearish divergence that we see on the Stochastics oscillator. Further gains or losses can be expected only when the range is breached.

Fundamental Outlook: A busy week for the eurozone, data this week will see the monthly PMI figures for manufacturing and services sector. The eurozone’s economic momentum is expected to continue to rise into the fourth quarter of the year. The ECB will also be releasing its monetary policy meeting minutes which could be a big event this week. With the markets expecting the ECB to announce a tapering in October, the ECB’s meeting minutes could provide some crucial clues to investors.

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EURUSD Weekly Forex Forecast – 2nd to 6th Oct 2017


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