EURUSD Weekly Forex Forecast – 8th to 12th Oct 2018
Economic data next week takes a breather after a rather busy first week. Most of the reports are second tier data and unlikely to move the markets to a bigger extent. Data includes German import prices and industrial production numbers. Economic data from Japan and Switzerland are relatively quiet. No major releases are scheduled for the week ahead. In the U.S. the monthly inflation reports will be coming out. This also includes the final inflation figures from the Eurozone as well. Given that inflation eased as per the flash estimates, we could expect a reaction on a final reading in inflation. The flows in the Swiss franc and the Japanese yen will also be set by the general market sentiment over the week.
Chart set up:
The EURUSD currency pair continued to remain weak as price action was seen closing below the support level of 1.1547 by Friday’s close. A stronger U.S. dollar along with a somewhat weaker sentiment from the Eurozone added to the common currency’s declines.
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Key support/resistance levels:
Support: 1.1418; Resistance: 1.1545
The euro currency slipped sharply below the identified support level of 1.1545. Price action attempted to post a bounce back off this level but was met with resistance. We expect to see some continued test of resistance at this level. As long as the resistance level holds, the euro currency is expected to remain weak to the downside. This could potentially mean that further declines could be expected in the near term. To the downside, the declines will push the currency pair lower to the next main support level of 1.1418. Establishing support here could stall the declines in the common currency. However, the longer term trend remains to the downside. A potential rebound off this level could signal early about a possible rebound in price action. For the week ahead, the EURUSD is expected to be slightly bullish.
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