EURUSD Weekly Forex Forecast – 19th to 23rd Nov 2018
Fundamentals Outlook
The economic calendar for the week ahead is expected to remain broadly quiet. Data from the Eurozone will focus on the ECB’s monetary policy meeting minutes. The minutes cover the recently held ECB meeting in October when the central bank cut its QE purchases to 15 billion euro. Economic data will cover the release of the flash manufacturing and services PMI including final third quarter GDP report from Germany. This is the simple way to scan for the best price action setup everyday. Click Here…
Data from Japan and Switzerland are quiet with only the national core CPI rate due from Japan. The data from the U.S. will see the durable goods orders report coming out following by building permits and housing starts data. The markets are expected to remain slightly volatile due to the Brexit concerns. This could spark a bid to safety that could push the yen and the Swiss franc higher during the week.
Chart set up: The EURUSD currency pair managed to post some gains after price action broke out from the resistance area of 1.1345. The strong close above this level indicates a near term decline to retest this level for support. Forming support at 1.1345 could pave way for the EURUSD to post further gains. The upside resistance at 1.1449 could be the next upside target
Key support/resistance levels: Support: 1.1345; Resistance: 1.1449
Commentary:
The outlook for the EURUSD is seen to be turning slightly bullish. However, the common currency must establish support at 1.1345 in order to confirm this bias. Failure to hold the rebound in price at this support could mean further declines in store. This would invalidate the bullish outlook. To the upside, the immediate resistance at 1.1449 remains a key level of interest. A potential breach of this level could see the common currency posting further gains. For the week ahead, the EURUSD is expected to be bullish.
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