EURUSD Weekly Forex Forecast – 31st Oct to 4th Nov 2016
Technical Outlook: The euro posted impressive gains last Friday on the back of the US GDP report which came out stronger than expected. In last week’s analysis we reminded traders that the EURUSD was bullish but to wait for a reversal confirmation such as a doji on the daily chart to go long targeting $1.1000. This idea was realized after Monday, October 24 saw EURUSD closing with a doji and a gradual reversal to the upside. EURUSD is now just a few pips shy of testing the 1.1000 resistance level. The week ahead, we can expect to see a pull back from 1.1000 back to 1.0900 level to establish support. Renewed long positions from here could see EURUSD breakout above 1.1000 and potentially turn bullish targeting the next resistance at 1.11240.
Fundamental Outlook: A busy week starts for the EURUSD as November brings a fresh set of economic data. Next week, the FOMC meeting, nonfarm payrolls and ISM manufacturing numbers will be the key data points for the EURUSD while in the Eurozone the third quarter GDP numbers will be coming out. The markets expect to see a 0.3% quarterly GDP growth from the euro area alongside a modest increase in inflation data as well. PMI numbers from Markit is expected to show a broad improvement in the manufacturing and services sector in the region.
EURUSD Weekly Forex Forecast – 31st Oct to 4th Nov 2016 – BULLISH
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