EURUSD Weekly Forex Forecast – 25th to 29th Dec 2017
Technical Outlook: The EURUSD posted a modest rally from the previous week as price action was seen trading near the resistance level of 1.1850. On the 4-hour chart, we notice the potential bullish flag pattern that has formed. The upside bias increases as we see that price action is supported above the 1.1850 level. In order to confirm the bullish flag pattern, EURUSD will need to break past the previous highs at 1.1901. Following this, further gains can be seen coming which could see the common currency testing the 1.20 level of resistance to the upside. This marks the retest to the resistance level price had declined. To the downside, failure to breakout above 1.1901 could signal a consolidating within the 1.1850 level.
Fundamental Outlook: The week ahead is quiet as far as the euro is concerned. Most of the markets will be closed for the major part of the week. On Friday, the German and Spanish preliminary inflation estimates will be released. The data is unlikely to impact the markets much with inflation expected to remain largely stable. Even in the case that inflation comes out weaker than expected, the year over year inflation rate for both the economies still stands at a healthy rate. The ECB had also previously warned that consumer prices might drop into the end of the year and early next year. With the markets well prepared for this, the euro is expected to remain trading rather flat during the week ahead.
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EURUSD Weekly Forex Forecast – 25th to 29th Dec 2017
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