EURUSD Weekly Forex Forecast – 9th to 13th Oct 2017
Technical Outlook: The EURUSD fell to the support level of 1.1691 identified previously. The rebound off this support level was met with a sharp reversal suggesting the upside bias in price. However, we expect to see a higher low being formed in price in order to confirm the upside bias. The resistance level at 1.1765 will be the immediate focus. A breakout above this level is expected in order to push EURUSD towards 1.1880 where the next major resistance level exists. To the downside, as long as price action is limited above the 1.1691 support, we do not expect further declines in the EURUSD.
Fundamental Outlook: The economic calendar from the Eurozone is relatively quiet next week. Focus will be on the second-tier data and some leading indicators. The week starts off with German industrial production figures followed by the Sentix investor confidence for the Eurozone. The Sentix investor confidence has been stuck near record highs over the past few months and this trend is unlikely to change in the near term. Following the French and Italian industrial production figures, focus will be on the final inflation figures from France and Germany.
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