EURUSD Weekly Forex Forecast – 7th to 11th Jan 2019
The week ahead will see the second tier data coming out of Europe. German factory orders and retail sales sets the pace for the week ahead followed by the Eurozone’s Sentix investor confidence report. Later in the week, the German industrial production figures will be coming out culminating with the trade balance figures. The European Central bank will be releasing its monetary policy meeting minutes this week. The minutes cover the central bank’s meeting held in December where the governing council decided to end the QE purchases.
Data from the United States will see the release of the ISM’s non-manufacturing PMI report. The data comes on the back of manufacturing activity posting a decline to hit a two year low in December. The Fed will be releasing its monetary policy meeting minutes this week. The minutes cover the December meeting where the FOMC hiked interest rates by a quarter basis point. Later in the week, the inflation report from the U.S. will cover the latest consumer prices for the month of December. Data from Japan and Switzerland are relatively quiet this week.
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Chart set up: The EURUSD currency pair is seen maintaining a sideways range overall. Last week, price action remained flat, trading within the resistance area of 1.1449 and 1.1351 level of support. The support level was seen being retested once again although the longer term support is seen at 1.1241 level.
Key support/resistance levels:
Support: 1.1351; Resistance: 1.1449 – 1.1463
Price action was seen failing to break past the resistance area. This was a second retest and the declines to 1.1241 marked the invalidation of a bullish ascending triangle pattern that was being formed. For the moment, the EURUSD is seen holding on near the support. However, we expect that the common currency could potentially break this support and head lower. The next main target comes in at 1.1241 support which was previously tested in early November last year. However, we could expect to see price action reversing course mid-way. Overall, the common currency is range bound and we do not expect to see any major breakthroughs until this sideways range is breached. For the week ahead, the EURUSD currency pair is expected to remain flat.
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