EURUSD Weekly Forex Forecast – 23rd to 27th Oct 2017
Technical Outlook: The EURUSD closed the week trading within the range of 1.1880 where resistance level was established ant 1.1765 where support was seen being established a few times. This range is expected to continue into Thursday’s ECB meeting. A breakout from this level will form the basis for the next leg in the EURUSD. Above 1.1880, the common currency could be seen pushing higher towards the 1.20 handle. However, given the current outlook, we expect EURUSD to break down below 1.1765 support. This will push the common currency down towards the 1.1691 level of support and the declines could be extended up to 1.1500 region in the medium term.
Fundamental Outlook: The week ahead promises to be a busy one for the euro. Starting off with the flash manufacturing and services PMI for the month of September, the economic data builds up momentum with Thursday’s ECB meeting. The central bank is expected to announce its tapering to the QE at this week’s meeting. Economists are expecting that while interest rates remain unchanged, the ECB President Mario Draghi will be announcing a 20 billion euro to the central bank’s bond purchases. The euro is no doubt expected to come under pressure as a result.
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EURUSD Weekly Forex Forecast – 23rd to 27th Oct 2017
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