EURUSD Weekly Forex Forecast – 1st to 4th May 2017
Technical Outlook: EURUSD posted strong gains from the start of the week following last Sunday’s French elections. With less than a week to go for the second and final round of voting, the EURUSD could be looking to take a breather. Besides the French elections, last week saw the Euro react to the ECB’s meeting and the Eurozone flash inflation figures which showed a rebound. On the 4-hour chart, EURUSD is seen consolidating below 1.0950 resistance level. We can therefore expect to see price posting a correction towards 1.0735 at the very least. Establishing support here will keep EURUSD supported to the upside with the potential to rally back to 1.0950 in the coming weeks. This bearish view is also supported by the bearish divergence seen on the 4-hour Stochastics..
Fundamental Outlook: A busy week for the euro, focus will be on the manufacturing and services PMI numbers for the month of April. The data is broadly expected to show underlying strength in the economic recovery in the eurozone. The main data point will of course be the flash or preliminary GDP numbers for the first quarter. Following a largely better than expected performance, the eurozone GDP is expected to rise 0.6% – 0.5% in the three months ending March. This could bode well for the common currency. However, traders should note the underlying risks as the second round of French elections are due next Sunday.
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EURUSD Weekly Forex Forecast – 1st to 4th May 2017
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