EURUSD Weekly Forex Forecast – 4th to 8th Sept 2017
Technical Outlook: The EURUSD continued to maintain its bullish course last week as price was briefly bid up to test the 1.2000 handle. However, failure to hold on to the gains saw the common currency giving up those gains quite easily to close on Friday at 1.1860. The upside move looks to be completed based on the breakout from the triangle pattern. With price now approaching 1.1825, we can expect some near term retracement as long as this support level holds. EURUSD could remain broadly supported above 1.1825 level into Thursday’s ECB meeting. However, any gains above 1.1825 support is likely to be limited as we expect EURUSD to decline towards 1.1565 which is a key support region that will be tested in the medium term.
Fundamental Outlook: It will be a busy week for the euro currency as all eyes turn to this Thursday’s ECB monetary policy meeting. The fact that the ECB president is expected to announce a tapering to the central bank’s QE program is widely priced in, leaving out not much scope for further upside in the common currency. Still, the devil will be in the details especially as Draghi will have to balance out his speech in order not to let the euro rally further. As a result, the ECB press conference gains prominence with investors likely to cling on to every word coming from Draghi. Needless to say, the euro could be seen trading volatile as the week progresses.
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EURUSD Weekly Forex Forecast – 4th to 8th Sept 2017
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