EURUSD Weekly Forex Forecast – 30th July to 3rd August 2018
The markets look to a busy week this coming week which marks the end of July. Economic data kicks off with the Bank of Japan set to hold its monetary policy meeting. According to some rumors, the BoJ is expected to announce a possible change to its interest rate targets. The week ahead will also see the release of the core PCE price index data from the U.S. the report comes ahead of the September monetary policy meeting. The start of August will trigger the release of the main important fundamentals which includes the ISM manufacturing PMI and Friday’s payrolls report. The FOMC will be holding its placeholder monetary policy meeting on the 1st of August. No changes are expected to interest rates at this week’s meeting with investors expecting to see a rate hike in September. Data from the Eurozone over the week covers the flash inflation estimates for the month of July. The economic calendar from Switzerland is relatively quiet this week.
Chart set up: The EURUSD currency pair remains in a consolidation phase in the long term and in the medium term. Price action over the past week saw the currency pair continuing to trade sideways. By Friday’s close, the EURUSD currency pair bounced off the support level at 1.1627. We expect this ranging price action to continue in the medium term.
Key support/resistance levels:
Support: 1.1627; Resistance: 1.1740
The week ahead will see the EURUSD currency pair likely to continue moving in the sideways range. With the resistance and support level established at the said levels, the currency pair could however possibly see a breakout in the near term. With the U.S. economic data likely to see high impact events, this could be the outcome.
On the 4-hour chart there is a possibility that the currency pair will rally to the upside given that the Stochastic oscillator is in the oversold levels. However, if the bearish momentum continues, the common currency could break below the 1.1627 level. This could signal a bearish trend that could resume. For the week ahead, the EURUSD currency pair is expected to remain flat.
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