EURUSD Weekly Forecast 16-July to 20-July

EUR/USD eventually closed the week with dejected crash after tried to move higher. The pair is off track now. Final eurozone CPI stands out. Here is the viewpoint for an updated technical analysis and highlights of this week for EUR/USD. To get regular updates of EUR/USD trading levels throughout the week book a free trial with us.

The US is scanning new excise on $200 worth of Chinese Goods, but the sides may recommence negotiations. The US Dollar took advantage. In the US, inflation is picking up as expected and the central bank remains bullish. There is no clarity added by European Central Bank’s meeting minutes the timing of the ECB’s rate tramp next year but remained dovish in general. Most of the trader make mistakes in interpreting the fundamental news and bear loss in trading. Here we can help you to trade safely with news, just follow our forex trading signals and trade with low risk.

EUR/USD Daily Chart with Support and Resistance Lines on it:

Trade Balance: Monday, 9:00. German Exports give the hike on the eurozone and enjoys a wide trade surplus. However, this surplus is set to continue shrinking in the report for May: to 17.6 billion from 18.1 billion beforehand. The smash of the trade wars will only be seen in the following week.

Final CPI: Wednesday, 9:00. The growing separation has seen between headline inflation and core inflation says by the initial CPI report for June. Headline CPI stood exactly at the ECB’s target of 2% while core CPI was stuck at only 1%. The quick rise in price is seen due to the rise of prices in oil. The final figure will likely confirm the initial figures.

German PPI: Friday, 6:00. The Inflation at factory gates, or in the pipelines, rose by 0.5% m/m in May and is forecast to advance at a more moderate pace of 0.3%. Producer prices feed into consumer prices.

Current Account: Friday, 8:00. The eurozone current account is positive, and reached 28.4 billion in April and is predicted to squeeze down to 27.2 billion in May which is similar to the narrower trade balance report.

EUR/USD Technical Analysis For Value Investment

EUR-USD Forecast 16-July to 20-July, MMFSolutions Forex Forecast

Euro/dollar kicked off the week with a move to the upside, temporarily breaching the 1.1740 level mentioned last week. It then turned south.

Technical lines from top to bottom:

  • 1.2060 was the low point in late April and it is the last barrier before the round number of 1.20.
  • The round number of 1.19 is also notable as a pivotal line in the range and it also temporarily held the pair back in late 2017. 1.1845 was the high point in early June.
  • Further down, the 1.1820 level was a stubborn support line in late 2017. 1.1790 capped the pair in mid-July 1.1750 is a low point recorded in mid-May.
  • 1.1720 is a veteran line that worked in both directions, last seen in November. 1.1676 was a temporary low point in late May.
  • Lower, 1.1630 was a pivotal line in November and 1.1550 was the trough around that time.
  • Below, 1.1510 is the new 2018 low and also a ten-month trough. Further down, 1.1480 served as support back in July 2017.

Leave a comment

Your email address will not be published. Required fields are marked *

Get Connected
Follow Us

Get connected with us on social networks!

Quick Enquiry