EURUSD Weekly Forex Forecast – 6th to 10th Feb 2017
Technical Outlook: EURUSD closed below 1.0700 last week which signals the downside correction towards 1.0600 initially. The price action shows a bearish breakout from the rising wedge/triangle pattern with the final sessions on Friday showing a modest retest to the breakout level of the rising wedge pattern. As long as 1.0700 turns to resistance, EURUSD could remain biased to the downside as price will slide towards 1.0600 to establish support. The bearish divergence to the Stochastics, the median line breakout and the weekly doji close (after five weeks of straight gains) point to the downside in EURUSD this week.
Fundamental Outlook: The markets will be looking to a busy week from Wednesday as fresh economic reports are released for January. The manufacturing and services PMI figures will be coming out in the early part of the week and could give further insights into the economic performance from the Eurozone in the first month of the year. The Eurozone GDP figures will be released this week alongside flash inflation estimates for January. GDP is expected to rise 1.7% on an annualized basis in the region, but focus will be on inflation estimates which could see further increase in consumer prices. The Eurozone’s economic forecasts will also be coming out this week.
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EURUSD Weekly Forex Forecast – 6th to 10th Feb 2017
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