EURUSD Weekly Forex Forecast – 24th to 28th April 2017
Technical Outlook: EURUSD rallied off the support near 1.063 – 1.0610 and reached the target of 1.0770 before turning lower by Friday’s closed. With the French elections on Sunday, EURUSD will be without a doubt opening with a gap. It will depend on the outcome of the elections, as there is chance for an upside gap to form above 1.0770, while at the same time, a downside gap will see EURUSD open lower below 1.06100. At the outset, we can expect to see very choppy price action for this one week as the second round of French presidential elections are held. Therefore, selling EURUSD near 1.0770 – 1.0800 and buying EURUSD near 1.0498 – 1.0500 will be the ideal play for the week ahead..
Fundamental Outlook: It will be a volatile week for the euro as the markets open on Monday. With the French elections due on Sunday and the top three candidates going neck to neck, the possibilities are vast for any outcome. Besides the French elections, the ECB’s meeting is also scheduled this week. No changes are expected from the central bank at this week’s meeting, but the event could further bring some volatility to the euro cross currencies. On the economic front, France and Spain will be reporting on the preliminary GDP numbers for the first quarter while the flash inflation estimates will be released later in the week.
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EURUSD Weekly Forex Forecast – 24th to 28th April 2017
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