Technical Outlook: The EURUSD continued to rally last week with prices briefly trading above the 1.2284 level. However, the EURO settled below this level as it is evident that resistance has been formed. With the ECB’s meeting due this week, the EURUSD could be seen pushing lower in the near term. Support is seen at 1.2182 level. A break down below this support could signal further declines to the main support at 1.2070 which is pending a retest following the strong rally off this level two weeks ago. Price action could remain range bound within 1.2284 and 1.2182 in the short term but the upside gains are likely to be limited.
Fundamental Outlook: The economic calendar from the Eurozone looks busy with a lot of economic data and forward looking indicators. Focus will be on the flash manufacturing and services PMI which dominate the economic calendar for the most part of the week. The data is expected to remain consistent across the board, indicating that the momentum in the sectors was entrenched. The ECB’s monetary policy meeting will of course remain the major highlight of the week. Following the details from the meeting minutes which suggested that ECB officials were contemplating tweaking its forward guidance, the markets will be keen to see if the ECB will follow through.
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EURUSD Weekly Forex Forecast – 22nd to 26th Jan 2018
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