EURUSD Monthly Forex Forecast for Sept 2018
Technical Outlook: The euro currency closed the month of August on a bearish note. Price action was seen still trading within the range following the doji candlestick patterns formed during the previous two monthly sessions. The monthly chart set up suggests that there could be a near term upside bounce in price action with the support at 1.1540 seen to be relatively strong. This has been a strong level of support that also held the declines during the previous months of October and November 2017. With the range between 1.1800 and 1.1540 now firmly in place, the common currency is expected to remain trading within this range over the next month.
Fundamental Outlook: The month of September is expected to be relatively quiet with the exception of the ECB’s monetary policy meeting. The central bank will be cutting down on its bond purchases by half at this month’s meeting with the remaining 15 billion euro in bond purchases due to end in December. While this is information that is already priced in, the central bank will be giving new details on the economic outlook. Following an uncertain start to the year, the eurozone’s economic growth looks to have picked up steam.
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