EURUSD Weekly Forex Forecast – 20th to 24th Feb 2017
Technical Outlook: EURUSD attempted to rally off 1.0520 but the bounce was short-lived as prices quickly reversed back lower to a few pips above 1.0600 support. We expect to see further declines towards 1.0600, with th 4-hour Stochastics showing a hidden bearish divergence on the charts. Watch for the previous low established at 1.0520, which if breaks could trigger further downside in prices. To the upside, if support is formed at 1.0600, then long positions are recommended in EURUSD targeting 1.6980 and 1.0820 initially. The daily chart time frame has formed an inside bar and also points to a potential breakout in the near term.
Fundamental Outlook: Data from the Eurozone will see the release of flash manufacturing and services PMI over the week. Data for the most part is expected to show a continued upward trend in both the sectors which could reinforce expectations of stronger growth continuation in the first quarter in the region. Besides, the flash data, the final inflation figures from the Eurozone is expected to confirm that consumer prices rose 1.8% on the headline and 0.9% on the core. The data is unlikely to move the markets much, but a positive upside surprise, especially on core inflation could see some bullishness in the euro.
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EURUSD Weekly Forex Forecast – 20th to 24th Feb 2017
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