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EUR/USD Weekly Forecast 16 November 15

Good day forex traders.

Welcome to another edition of our popular EUR/USD forecast. Serving you since 2008!

In the previous EUR/USD forecast we noted that the currency pair was again bearish for the week. It went below the lower bollinger band.

The bearish targets of 1.09 and 1.08 were achieved. If the price action remained below the lower bollinger next week, we might be looking at an extended bearish target of 1.05. Any bullish recovery return would likely see action at 1.08 and 1.09. The lower bollinger band had turned into a resistance region too.


Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair was bullish for the week. Having said so it was capped by our lower bollinger band as expected.

The range for the week was narrow suggesting the price action was limited. Our bullish targets remain as per the previous week at 1.08 and1.09.

There is nothing to indicate that the bearish trend is over. The previous bearish target of 1.05 remains. Close monitoring is advised.

Fundamental Analysis

The week brought upon a weaker than expected US retail sales and a slowing eurozone economy. The euro zone economic growth slowed to 0.3% in the 3rd quarter and it was lower than expected.

It was also reported that were demonstrations against austerity in Greece. These economic woes will likely continue to impact the euro zone over all economic health. As mentioned previously, an economic union of countries in various stages of financial health is challenging.

In another report, the oil stockpile continue to stand at a record of 3 billion barrels. This is likely to continue exerting downwards pressure on the oil price.

It is reported that global markets may face a challenging open on Monday after the attacks in Paris. Risk aversion may cause traditional safe assets like gold and the US dollar to be in demand.

Do continue to monitor the various economic events next week. We have the ECB president scheduled to speak and also FOMC meeting minutes.

Trade safely.

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