EURUSD Weekly Forex Forecast – 28th Aug to 1st Sept 2017
Technical Outlook: The EURUSD posted strong gains on Friday with the volatility coming on the back of the Jackson Hole Symposium. With Janet Yellen not addressing monetary policy, the U.S. dollar fell sharply. EURUSD broke to the upside breaking out from the range of 1.1825 to rise to highs of 1.1941 by Friday’s close. Further gains can be seen coming with EURUSD likely to test 1.2000 level. There is also a gap at this level that is likely to be filled. In the near term any dips in the euro will make for a good buying opportunity. A retest to the breakout level at 1.1825 remains the most likely price level in EURUSD.
Fundamental Outlook: Economic data from the Eurozone goes into full steam with Friday marking a new trading month. Focus will be on the retail sales and CPI numbers out of Germany which will be key for the markets, especially as the Euro heads into an election month in Germany. France is also expected to come out with the preliminary GDP estimates. Meanwhile, the Eurozone’s flash estimates for August will be coming up and data suggests that inflation remained broadly stable. This could potentially confirm the view that the ECB will need to look at tightening monetary policy in the near term. This was also seen by the fact that last week’s flash manufacturing and services PMI suggested a build up of price pressures.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 28th Aug to 1st Sept 2017
The post EURUSD Weekly Forex Forecast – 28th Aug to 1st Sept 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment