EURUSD Weekly Forex Forecast – 5th to 9th Feb 2018
Technical Outlook: The EURUSD extended gains last week to touch the previous highs at 1.2496 marking a retest of the previous top of the bullish flag pattern. However, the failure to breakout above this level indicates weakness to the upside. We expect to see EURUSD post declines on the invalidation of the bullish flag pattern. To the downside, price action could be seen testing 1.2284 where the initial support resides. Alternately, in the event that EURUSD manages to post a rebound, a strong breakout above 1.2496 is required in order to ascertain the bullish continuation.
Fundamental Outlook: The week ahead will see the release of the services PMI numbers across Spain, Italy, France and Germany. This will culminate with the Eurozone composite services PMI data. The services sector is expected to remain steady as it is one of the key drivers of the Eurozone GDP data. Later in the week, industrial and factory data from Germany will indicate how the manufacturing sector has been performing. On Thursday, the ECB will be releasing its economic bulletin although the data is unlikely to be a major market moving event.
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EURUSD Weekly Forex Forecast – 5th to 9th Feb 2018
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