EURUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
Technical Outlook: The EURUSD extended strong losses last week following the ECB’s decision to taper and extend the duration. We now expect further declines in EURUSD that could see price action falling to the 1.1500 level in the near term. However, there is a possibility for the euro to retest the recently breached support level at 1.1691 where resistance could be established. If EURUSD posts a reversal at this level, we could expect the declines to continue. The reversal at 1.1691 is also likely to attract new sellers into the market which could see price eventually sliding towards 1.1600 followed by the longer term target towards 1.1500. However, the upside risks could build up if EURUSD manages to post a bounce above 1.1691. In this case, price action could turn sideways within 1.1765 and 1.1691 levels.
Fundamental Outlook: Following a volatile week last week thanks to the ECB’s meeting, the euro will be looking to take a breather heading into the final week of October and the beginning of November. Economic data for the most part this week will be focusing on the manufacturing and services PMI data due to come out. The German retail sales and inflation figures will also be on the cards. Most importantly, the Eurozone’s economic forecasts and flash inflation estimates will be the main data points of interest that could shape the direction of the currency pair in the short term.
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EURUSD Weekly Forex Forecast – 30th Oct to 3rd Nov 2017
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