EURUSD Weekly Forex Forecast – 8th to 12th Jan 2018
Technical Outlook: The EURUSD extended the gains above 1.20 handle with price trading comfortably above this level. The price level marked the completion of the bullish flag pattern upside target. We expect to see the bullish momentum fading near these highs. The support level at 1.20 handle will be important for price action. We expect EURUSD could possibly post a correction if the current gains fail to hold. The downside correction for EURUSD comes in at 1.1900 level which is the next downside target for price. This will see a retest of the bullish flag pattern’s previous resistance high.
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Fundamental Outlook: Data from the Eurozone next week will see mostly tier-2 data coming out. No major impact is expected as a result of the economic releases. However, the data could potentially influence the outcome of other major indicators. The week starts off with the German factory orders followed by the Eurozone Sentix investor confidence. Later in the week, industrial production figures across some of the major Eurozone economies will be released. On Thursday, the highlight of the week will be the release of the ECB’s monetary policy meeting minutes. The minutes cover the December ECB meeting where interest rates and QE were left unchanged.
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