EURUSD Weekly Forex Forecast – 17th to 21st Mar 2017
Technical Outlook: EURUSD has been consolidating near the 1.0630 – 1.0610 support level for the most of last week and price action even attempted to breakout above this support level but failed. By Friday’s close, EURUSD was seen settling back at the support level. The risks are currently balanced as price could shift in either direction. To the upside, we need to see a break out fro the falling median line which will signal the upside move towards the target of 1.0770. Alternately, to the downside, a break down below 1.0770 will see EURUSD decline towards last week’s lows of 1.0570 – 1.0550 which could be tested once again while also opening further downside risks towards 1.0500.
Fundamental Outlook: The week ahead from the Eurozone will see mostly second tier data which includes the flash PMI’s across manufacturing and services sectors. No major changes are expected but for a modest improvement from the numbers in March. The inflation data is expected to confirm that eurozone consumer prices declined, rising just 1.5% in March on the headline while core CPI is forecast to rise 0.7%, slower than the 0.8% increase registered previously. With the French elections nearing, investors will be moving into a risk averse position ahead of the first round of the elections due on Sunday. Therefore, any opinion polls released during the week could increase the risk in French bonds and as a result impact the euro single currency as well.
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EURUSD Weekly Forex Forecast – 17th to 21st Mar 2017
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