EURUSD Weekly Forex Forecast – 24th to 28th July 2017
Technical Outlook: The EURUSD continued its strong rally last week and managed to maintain the bullish momentum. Weaker U.S. dollar alongside a slightly hawkish ECB saw the currency pair well supported to the upside. Price rallied to a two and half year high as a result closing on friday at 1.1664 but not before testing thish of 1.1682. This continued rally is likely to see some near term pullbacks. The first level of support is seen at 1.1565. A rebound off this level could signal further gains provided the recent highs can breached. In the event that EURUSD slips below 1.1565, then expect to see price action retest the next main support at 1.1489. The bullish bias remains intact and could only change in the event that EURUSD can slip below 1.1489 and potentially establish resistance below or at this level.
Fundamental Outlook: The week ahead from the Eurozone is relatively quiet. Focus turns to the forward looking indicators which includes the flash PMI figures for manufacturing and services sector. This will give a glimpse of how the two key sectors of the economy performed in the month of July. The German Ifo business climate data is also coming up this week. Towards the later part of the week, flash or preliminary inflation figures will be released for Germany and Spain. Spain’s flash GDP estimates are also expected. Overall, following a rather volatile ECB meeting last week, the euro currency will be taking a backseat.
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EURUSD Weekly Forex Forecast – 24th to 28th July 2017
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