EURUSD Weekly Forex Forecast – 9th to 13th July 2018
Technical Outlook: The EURUSD currency pair was seen posting gains last week. The upside momentum in the currency pair came after price action was seen trading flat near the lows of 1.1540 level. With the EURUSD rising to the resistance level near 1.1745 level of resistance and the divergence seen on the 4-hour Stochastic, we expect to see a minor pullback in price action. The EURUSD is likely to retest the minor rising trend line with the declines likely to fall toward 1.1637. As long as this support level holds, we can anticipate an upside breakout. Above 1.1745, the currency pair is likely to rally toward 1.1848 – 1.1825 level of resistance.
Fundamental Outlook: Economic data from the Eurozone for the week ahead is expected to be relatively quiet. Among the economic reports coming out, the German trade balance and final inflation figures from Germany and France will stand out. This comes amid the preliminary inflation estimates showing that the Eurozone inflation rose 2.0% on the year ending June. Later in the week, the ECB will be releasing its monetary policy meeting minutes. The meeting minutes cover the monetary policy meeting when the ECB had signaled an end to its QE program by December 2018.
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