EURUSD Weekly Forex Forecast – 7th to 11th May 2018
Technical Outlook: The EURUSD extended the declines for the second week as price action fell to fresh 5-month lows on an intraday basis. The EURUSD was seen testing the lows of 1.1952 before pulling back to close at 1.1962. Minor resistance is seen at 1.2000 level. We expect to see a correction in the EURUSD especially after the 4-hour Stochastic oscillator is currently posting a higher low. This bullish divergence will be validated on a close above 1.2000 in which case we expect the EURUSD to post a correction toward 1.2200 level. To the downside, the declines are likely to be limited at the current level.
Fundamental Outlook: Economic data from the Eurozone for the week ahead is quiet with only second tier data on the tap. The week starts off with the German factory orders. The data could be important for investors who would like to assess if there has been a continued decline in the economic activity in the Eurozone’s largest economy. The Eurozone retail PMI report is also due on Monday. Mid-week, the Eurozone Sentix investor confidence data will be reported and this could once again hold clues on the business outlook for the region. The main highlight of the week will of course be the European Commission’s economic forecasts and the ECB’s meeting minutes.
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EURUSD Weekly Forex Forecast – 7th to 11th May 2018
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