Technical Outlook: The EURUSD currency pair saw another week of declines but price action managed to post a modest recovery towards end of the week. The price action in the currency pair suggests that a bottom might have been formed. The pullback in the declines is expected to see the EURUSD falling back toward the 1.1607 level. Establishing support at this level could signal a continuation to the upside. Watch for an upside breakout from the falling median line. This could signal a corrective rally toward the next main resistance at 1.1848.
Fundamental Outlook: Data from the Eurozone continues to follow through with the latest services and manfuacturing PMI figures for the month of May. Investors will be paying close attention to the figures considering that business activity slowed during the first four months of a year. Any signs of a rebound in activity could build expectations that the Eurozone economy is slowly gaining momentum. The final revised GDP figures for the first quarter will be coming with no changes to the GDP which was confirmed at 0.4% on a quarterly basis.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 4th to 8th June 2018
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