Technical Outlook: The EURUSD currency pair touched down just a few pips shy off the 1.2213 handle which marks a strong level of support. The consolidation over the past few weeks has resulted in EURUSD forming a descending wedge pattern. Watch for a near term decline to 1.2250 where support could be established. A reversal off this support level could signal EURUSD targeting 1.2323 followed by a move higher toward 1.2385. In the event that price action slips below the support at 1.2250 then we expect to see the downside resume. Fundamental Outlook: The week ahead will see mostly second tier data from the Euro Zone coming out. Following the previous week's data which showed that consumer confidence in the Eurozone slipped, the week ahead will see the SENTIX investor confidence data which could potentially validate the concerns among officials especially when it comes to the global trade uncertainty. The German and the Eurozone ZEW economic sentiment data will also be coming out. Later in the week, the ECB's monetary policy meeting minutes will be released as well. The minutes cover the ECB's March monetary policy meeting where the central bank left monetary policy unchanged but gave a hawkish forward guidance. Previous EURUSD Weekly Forex Forecast

EURUSD Weekly Forex Forecast - 9th to 13th April 2018