EURUSD Weekly Forex Forecast – 3rd to 7th Sept 2018
The markets open to a busy trading week. With the first week of the month, the economic calendar is dominated by monthly economic reports. A particularly busy week for the U.S. dollar will see the release of the ISM’s manufacturing and non-manufacturing PMI’s. Later in the week, the ADP private payrolls report will be coming out followed by the monthly employment statistics for August. Elsewhere in the Eurozone, the week will focus on the release of the manufacturing and services PMI figures for the month. This is later followed by industrial production and trade balance figures for France and Germany. The final revised GDP will also be coming out later this week. The economic calendar is quiet for Japan and Switzerland.
Chart set up:
The EURUSD currency pair posted strong losses toward the later part of last week. The declines came after the euro currency managed to rally to a 4-week high. The bearish price action in the euro currency is expected to push down toward 1.1550 level of support.
Key support/resistance levels:
Support: 1.1550; Resistance: 1.1627
This was the support level that was briefly tested. A retest of this level could potentially result in a rebound in the currency pair. The decline in price action comes amid the bearish divergence that was formed. The 4-hour Stochastic oscillator indicates a potential correction down to the 1.1400 level. With the resistance level at 1.1627, the euro currency could be seen trading within this range. A breakout from this range could potentially signal near term direction in price. The downside target could be 1.1400 while to the upside price action will need to establish support at 1.1627. For the week ahead, the EURUSD is expected to be slightly bearish.
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