EURUSD Weekly Forex Forecast – 7th to 11th Nov 2016
Technical Outlook: EURUSD closed Friday at 1.1141, slightly higher than the resistance target level of $1.1124 that we mentioned in last week’s commentary. Looking ahead, the currency markets remain volatile with the US elections coming up this week. Looking ahead, the 4-hour chart shows the Stochastics likely pointing to a bearish divergence which could see a correction to the downside. Look for a reversal pattern near $1.1124 – $1.1150 targeting $1.1000 followed by $1.0945. Alternately, if EURUSD resumes its rally, look for price to establish support at $1.1150, for a move towards $1.1200.
Fundamental Outlook: Data from the Eurozone next week accounts for regional data. Germany will be releasing the factory orders and retail sales data as well as industrial production numbers. Estimates show a likely decline in Germany’s industrial production on the back of weaker car sales. Later in the week, the EU commission is expected to release new economic forecasts. An upward revision to the data could further extend the view that the ECB could be looking to announce QE tapering in December.
EURUSD Weekly Forex Forecast – 7th to 11th Nov 2016 – BULLISH
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