EURUSD Weekly Forex Forecast – 4th to 8th Dec 2017
Technical Outlook: The EURUSD managed to reclaim the 1.1900 handle last week albeit closing a few pips below this level. However, with price action settled above the 1.1850 support level the bias remains to the upside. The 4-hour chart shows price consolidating into a triangle pattern which could signal a break out in either direction. The support level at 1.1850 will be critical for price to set the near term direction. To the upside, a breakout above the trend line will signal a push towards 1.20 region. While this is possible, there is a risk that EURUSD will break down below the support level. In this case, a correction towards 1.1588 remains a strong possibility.
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Fundamental Outlook: Economic data from the Eurozone gets busy this week with the fresh week lined up with a host of economic reports. The Eurozone’s Sentix investor confidence report will kick off the data, followed by the producer price index report. The PPI could signal the state of the inflationary pressures that could be building up. This week will see the final services PMI and manufacturing PMI reports as well. Preliminary flash estimates put both these sectors in the Eurozone to have been expanding at a fast pace. The data culminates with the Eurozone final revised GDP for the third quarter. Estimates show that the Eurozone GDP grew at a pace of 0.6% during the quarter.
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