EURUSD Weekly Forex Forecast – 6th to 10th Mar 2017
Technical Outlook: EURUSD broke out from 1.0567 resistance level on Friday and prices broke out from the falling trend line since early February. Expect to see a minor retracement/pull back towards 1.0567 following which further gains can be expected. The next main resistance sits at 1.0673, followed by a move towards 1.0750. The outlook for EURUSD remains bullish in the near term. The bullish bias will be invalidated only on a close back inside the falling trend line and below 1.05200 support level.
Fundamental Outlook: It will be a busy week from the Eurozone with Thursday’s ECB meeting take the limelight. No changes are expected from the central bank but given that flash inflation estimates have shown that the headline CPI has increased 2% in February, it could potentially mean that the ECB governing council will have some dissenters. The revised quarterly GDP estimates are also expected this week, but no changes are forecast at 0.4%. Remainder of the data over the week will include German industrial production numbers and factory orders, alongside French trade balance and industrial production figures.
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EURUSD Weekly Forex Forecast – 6th to 10th Mar 2017
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