EURUSD Weekly Forex Forecast – 3rd to 7th Oct 2016
Technical Outlook: EURUSD continues to remain consolidating below 1.1260 – 1.1250 resistance level. Price action is trading flat on the daily and weekly sessions and this is likely to continue into the medium term. If prices reverse near 1.1260 – 1.1250 resistance, expect another leg to the downside for prices to test lower support near 1.1145 – 1.1140. The longer term head and shoulders pattern continues to remain in play but a breakout above the resistance level could trigger further upside and would invalidate the bearish bias.
Fundamental Outlook: Data from the eurozone next week will see the final manufacturing and services PMI figures for September. However, traders should pay attention to Thursday’s ECB meeting minutes report which can have the potential to move the markets for any dovish hints from the ECB. With the week being data heavy for the US, expect some volatility in the currency, although the sideways price action will likely to persist.
EURUSD tested range support before bouncing off hard to now head up north to test resistance. With stochastic pointing up, the Bulls look set to be in control in the early of the week. The resistance level will be tested this week and that will be the test to the Bull strength this week.
EURUSD Weekly Forex Forecast – 3rd to 7th Oct 2016 – BULLISH
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