EURUSD Weekly Forex Forecast – 5th Sept to 9th Sept 2016
Technical Outlook: EURUSD has been testing the 1.1150 – 1.1130 support level with Friday’s price action sending prices back to this support level. In the process, EURUSD has been consolidating inside a wedge pattern. As long as support at 1.1150 – 1.1130 holds, watch for a potential upside in EURUSD this week. Following a breakout above the minor resistance at 1.1230, EURUSD could be seen retracing the gains back to 1.1300 – 1.1280 resistance level.
Fundamental Outlook: The ECB’s meeting this week will be the big event to watch for. No changes are expected from Draghi but his statements and the press conference will be closely watched for potential hints at QE expansion at a later stage. Eurozone final GDP data for the second quarter will be released and is expected to confirm a 0.30% quarterly GDP growth rate.
EURUSD Weekly Forex Forecast – 5th Sept to 9th Sept 2016 – BEARISH
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