EURUSD Weekly Forex Forecast – 26th to 30th June 2017
Technical Outlook: EURUSD rallied to the resistance level of 1.1200 by Friday’s close. This suggests that near term downside is likely to prevail in the EURUSD with the previous support tested at 1.1126 likely to be tested in the near term. Further downside can be seen coming on a break down below this support at 1.1126, in which case you can expect the declines to come down to 1.0950. Alternately, if EURUSD breaks past 1.1200, you can expect further gains to come by with price action likely aiming for 1.1300 or at the very least, the previous highs near 1.1299.
Fundamental Outlook: The week ahead could be an important one for the EURUSD especially with Friday’s flash inflation estimates from the Eurozone for the month of June. Following the pull back in May where headline inflation rose just 1.4% and core inflation rose 0.9%, the markets will be looking whether inflation managed to stabilize in June. A weaker inflation data could potentially dent the bullish market sentiment on the euro currency. Besides the inflation estimates, other data over the week will include German retail sales and the Ifo business climate. Regional inflation data from Spain, Germany and Italy will also be coming out giving a better view on the flash inflation estimates.
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EURUSD Weekly Forex Forecast – 26th to 30th June 2017
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