EURUSD Weekly Forex Forecast – 3rd to 7th July 2017
Technical Outlook: EURUSD surprised to the upside last week. The gains came on a surprisingly hawkish comments from the ECB President Mario Draghi. There was no pullback to the rally, and price action remained firmed as EURUSD tested $1.1400 handle and running higher to post a 2-year high. In the near term, it is best to watch for a correction. Short term support can be seen at 1.1400. A break down below this level could signal a sharp descent towards 1.1200 handle. To the upside, a higher high is required, which means that a breakout above 1.1449 will signal a continuation higher. However, taking long positions here is not recommended as EURUSD could be at risk of a decline.
Fundamental Outlook: Following the strong rally in the euro currency last week, the markets will be looking to a fresh set of economic data. The economic calendar will be dominated by the eurozone and regional manufacturing and services PMI. Although the data is unlikely to impact the markets much, services PMI is expected to slip, based on the flash estimates that were released few weeks ago. The ECB will also be releasing its monetary policy meeting minutes alongside retail sales and Germany’s factory orders and industrial production data. There are no speeches scheduled from the European Central Bank, so focus will turn back to the economic performance.
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EURUSD Weekly Forex Forecast – 3rd to 7th July 2017
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