EURUSD Weekly Forex Forecast – 3rd to 7th Dec 2018
The week ahead is expected to be busy with the start of a new trading month. Data over the week includes some key reports from the U.S. such as the ISM’s manufacturing and non-manufacturing PMI due earlier in the week. The ADP private payroll numbers followed by the official non-farm payrolls on Friday will cap the data from the U.S.
In the Eurozone, the monthly manufacturing and services PMI figures will be coming out. The data will likely give more details on how the Eurozone economy fared in the month of November. The Sentix investor confidence report will also provide more details on the business sentiment in the Eurozone area. A relatively quiet week from Switzerland will see only the release of the monthly inflation figures. Data from Japan is quiet this week with only the household spending report due.
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Chart set up: The EURUSD slipped below the mentioned support level as price action dipped briefly to 1.1281 level of support. Price action posted a quick reversal off this new support and managed to recover back above 1.1345. However, by Friday’s close the EURUSD was back below this support.
Key support/resistance levels:
Support: 1.1281; Resistance: 1.1345
The consolidating off the 1.1345 level signals that this level which previously served as support could potentially turn to resistance. We expect another leg of decline in the EURUSD back to 1.1281. This would firmly establish the support at this level. Price action in the EURUSD remains range bound in the medium term as well. For the week ahead, the EURUSD is expected to be flat.
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