Technical Outlook: The EURUSD was seen mostly consolidating last week as price action bounced off the 1.1588 support. With the resistance established at 1.1691, price action was seen trading sideways within this level. We expect to see another retest back to the support level formed at 1.1588 in the near term. A break out below this level will signal further decline in prices due to the bearish flag pattern that was formed. The minimum downside objective in EURUSD, upon validation of the bearish flag pattern comes to 1.1411. However, in the event that price action finds support at 1.1588, then we expect the sideways range to be formed with the potential for a strong correction towards 1.1691 resistance which could be tested more firmly.
Fundamental Outlook: The week ahead will see mostly second tier economic data coming out from the Eurozone. This is expected to keep the euro on the back foot as investors look to the broader markets for clues and the U.S. economic data to an extent. The week starts off with the German final services PMI followed by the services PMI for the Eurozone. Mid-week, the ECB will be releasing its economic bulletin as well which then concludes with final inflation figures from Germany that could shed light on whether there has been an improvement in the overall inflation data for the Eurozone.
Previous EURUSD Weekly Forex Forecast
EURUSD Weekly Forex Forecast – 6th to 10th Nov 2017
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