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EUR/USD Weekly Technical Forecast: Euro Recovery Gathers Pace

EUR/USD Weekly Technical Forecast: Euro Recovery Gathers Pace

2018-07-06 20:00:00
Justin McQueen, Analyst
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EUR/USD TECHNICAL HIGHLIGHTS:

  • EURUSDrecovery gathers pace with bulls targeting 1.1850
  • Key riskevents on the calendar come in the form of German and USInflation

For the intermediate-term fundamental and technical outlook on EUR/USD, check out the recently released DailyFX Quarterly Forecast.

The past week has seen the recovery in EURUSD gather steam with the break above notable resistance at 1.1720-25 confirming that the pair has based out at 1.15, while signaling that the momentum is on the upside. As such, this opens a run in for the June 14th high at 1.1850, which is the final hurdle before a potential move towards the key 1.20 level. However, if the pair falls back towards 1.1600-50 could suggest another corrective move to test 1.1500-10 support zone.

Looking ahead towards next week, risks event on the docket for the Euro will be the US and German inflation figures. In regard to price action, a close above current resistance at 1.1753, which marks the 23.6% Fibonacci Retracement of the 1.2555-1.1508 could act provide support for the forthcoming week. On the downside, support also comes from the rising trendline from January 2017, residing at 1.1640 and coinciding with the 20DMA.

Those bullish on the Euro will find solace in the fact the Relative Strength Index on the daily and weekly charts suggest the bias is tilted to the upside, which suggest that the recent reversal in price action is likely to continue.

EURUSD CHART: Daily Time Frame (December 2017-July 2018)

EUR/USD Weekly Technical Forecast: Euro Recovery Gathers Pace

Chart by IG

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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