[FOREX TIP] EURUSD Weekly Forex Forecast – 1st to 4th May 2017

EURUSD Weekly Forex Forecast – 1st to 4th May 2017

Technical Outlook: EURUSD posted strong gains from the start of the week following last Sunday’s French elections. With less than a week to go for the second and final round of voting, the EURUSD could be looking to take a breather. Besides the French elections, last week saw the Euro react to the ECB’s meeting and the Eurozone flash inflation figures which showed a rebound. On the 4-hour chart, EURUSD is seen consolidating below 1.0950 resistance level. We can therefore expect to see price posting a correction towards 1.0735 at the very least. Establishing support here will keep EURUSD supported to the upside with the potential to rally back to 1.0950 in the coming weeks. This bearish view is also supported by the bearish divergence seen on the 4-hour Stochastics..

Fundamental Outlook: A busy week for the euro, focus will be on the manufacturing and services PMI numbers for the month of April. The data is broadly expected to show underlying strength in the economic recovery in the eurozone. The main data point will of course be the flash or preliminary GDP numbers for the first quarter. Following a largely better than expected performance, the eurozone GDP is expected to rise 0.6% – 0.5% in the three months ending March. This could bode well for the common currency. However, traders should note the underlying risks as the second round of French elections are due next Sunday.

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EURUSD Weekly Forex Forecast – 1st to 4th May 2017

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[FOREX NEWS] Canadian GDP flat in February as expected

The Canadian economy did not grow in February 2017. USD/CAD is stable around 1.3640. Canada was expected to report a monthly growth rate of 0% in February 2017. The Canadian economy expanded by 0.6% in January, starting the year right-footed. USD/CAD remained on high ground ahead of the publication. Note that the US released its first estimate [...]

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[FOREX NEWS] US GDP misses with 0.7% – USD ignores

The US economy grew by 0.7% in Q1 2017 on an annualized level. This is below official expectations but perhaps above the “whisper numbers” especially after yesterday’s mediocre durable goods orders. The dollar is not really sure how to react. The US was expected to report a growth rate of only 1.3% annualized in Q1 [...]

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