In this week’s Forex forecast, we will be focusing on the EUR/USD and GBP/USD currency pairs.
EUR/USD:
The EUR/USD pair has been trading in a range-bound manner, with support around the 1.1800 level and resistance at 1.1900. Traders should keep an eye on the upcoming economic data releases, such as the Eurozone inflation numbers and the US retail sales figures, which could impact the pair’s movement. A break below 1.1800 could lead to further downside towards 1.1750, while a break above 1.1900 could see the pair testing the 1.1950 level.
GBP/USD:
The GBP/USD pair has been trading in a bullish trend, with support at 1.3100 and resistance at 1.3300. Traders should pay attention to any developments in the Brexit negotiations, as well as the UK inflation data and retail sales figures. A break below 1.3100 could see the pair testing the 1.3000 level, while a break above 1.3300 could lead to further gains towards 1.3400.
Overall, traders should closely monitor the key support and resistance levels for both currency pairs, as well as any upcoming economic data releases that could impact their movement.