EURUSD Weekly Forex Forecast – 31st July to 4th Aug 2017
Technical Outlook: The EURUSD continues to post higher highs and higher lows suggesting that the uptrend is intact. A clear confirmation of a change is required in the EURUSD only then will the downside bias confirm the view. Currently, on the 4-hour chart, EURUSD is seen testing the previous highs that was formed. However, note that the Stochastics oscillator is currently posting a lower high. This divergence could suggest a near term decline. Technical support is seen at 1.1565 which could be tested as a result. Therefore, look to sell EURUSD on a daily close below 1.1728 which could see the much needed correction. Below 1.1565, further declines could send EURUSD lower towards 1.1489.
Fundamental Outlook: The week ahead will see economic data reflect on Germany’s retail sales. More importantly, the flash estimates for the month of July will be the main event to look forward to. After a brief decline in inflation, consumer prices in the eurozone showed an uptick in June. Traders will be focusing on whether the trend can be maintained and if inflation can continue to rise in July as well. A better than expected headline inflation reading will no doubt signal that the ECB will be coming under pressure to announce its tapering plans. On Tuesday, the quarterly GDP numbers from the eurozone is expected. This is for the period ending June. Second quarter GDP is expected to rise 0.6%, the same pace as the previous quarter.
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EURUSD Weekly Forex Forecast – 31st July to 4th Aug 2017
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