EURUSD Weekly Forex Forecast – 7th to 11th Aug 2017
Technical Outlook: EURUSD continued to post strong gains as the currency pair broke toward 1.1900 briefly last week. However, a strongly better than expected nonfarm payrolls for the month of July sent the U.S. dollar stronger. EURUSD closed bearish as a result. Price action briefly dipped to 1.1728 as a result before the common currency posted a pull back. As a result, we expect EURUSD to remain range bound above 1.1728 before further declines can be expected. Watch for a break down below 1.1728 support in which case, EURUSD could see testing 1.1565 support lower. For the moment, the upside momentum has likely been exhausted and further gains can be seen coming only on a close above the previous highs..
Fundamental Outlook: Data from the Eurozone will mostly see second tier data coming out. The week starts off with the German industrial production numbers as well as the Eurozone Sentix investor confidence data. Later in the week, on Friday, the final inflation figures for Germany and France will be released. This will likely give an early insight into how the overall Eurozone inflation has picked up. Flash estimates already showed last week that headline inflation in the Eurozone increased 1.3% while the core inflation rate also ticked higher to 1.2%. The bullish case for the euro remains well intact based on the positive uptick in inflation.
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