EURUSD Weekly Forex Forecast – 14th to 18th May 2018
Technical Outlook: The EURUSD was seen posting a modest rebound last week after prices touched fresh monthly lows near 1.1848. The rebound off the prices comes after the common currency posted a strong decline in the weeks before. The rebound off the support at 1.1848 indicates a near term bottom taking place but price action will need to maintain the gains to confirm this view. The immediate resistance is seen at 1.2000 level which marks a round number resistance level. Currently, the 4-hour chart shows a hidden bearish divergence which suggests that price action could be looking to dip back. In the near term, we expect to see EURUSD testing the price of 1.1870 ahead of potential gains toward 1.2000.
Fundamental Outlook: The economic calendar from the Eurozone gets off a busy start next week starting with the German preliminary quarterly GDP report. Later in the week, the second revised GDP estimates from the Eurozone is expected to be released. Data from the previous week showed that the Eurozone economy advanced 0.4% in the first three months of the year. This was a slower than expected pace of increase compared to 0.6% increase seen during the fourth quarter of 2017. The final inflation report for the month of April will also be coming out this week. Consumer prices in the Eurozone had slowed down for the second straight month and this could potentially upset the ECB’s plans to tighten policy further.
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EURUSD Weekly Forex Forecast – 14th to 18th May 2018
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