EUR/USD Technical Analysis Forecast

eurusd-technical-analysis-currency-forecast

EURUSD - Following a strong spike following the NFP figures the pair has fallen back. However the outlook still looks constructive as the pair gradually grinds its way higher from recent lows. A close above the 20 day SMA on the daily chart (currently 13485) would add momentum for additional near term gains, with another run at 1.35500 being a realistic first target.

Beyond here we would expect any gains to be capped by initially by 1.3600. There remains a potential for a move above this level given the lowering market liquidity at this time of year. In this scenario 1.3600-1.38000 should provide the limit of any move.

On the downside, 1.3340 provides support from a retest of recent lows at 1.3210.

Key Economic Events

Monday - Retail Sales (m/m)

Tuesday - German Factory Orders (m/m)

Wednesday - German Industrial Production (m/m)

Thursday - Minimum Bid Rate | ECB Press Conference

Friday - French Industrial Production (m/m) | EU Economic Summit

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