EUR/USD: forecast for Nov. 27 - Dec. 1

EUR/USD managed to recover and close last week above 1.1900.

At the start of the week, the euro was hurt by political uncertainty in Germany coalition talks failed. However, the single currency has quickly managed to recover as investors focused on a strong growth outlook for the euro area. According to the minutes of the European Central Bank’s October meeting, members of the Governing Council agreed to reduce monetary stimulus program, but some of them were against setting the distinct date of its end. If the ECB hasn’t pledged to maintain asset purchases until September 2018, the euro would probably trade even higher.

The euro zone’s manufacturing and services PMI, as well as German Ifo business climate, exceeded the forecasts. Given the strong fundamentals, any declines of the euro will likely be temporary.

The economic calendar for the euro contains such information as German retail sales & preliminary CPI and flash estimate of CPI for the entire euro area.

Next obstacles for EUR/USD will be at 1.2015 and 1.2090. Support is at 1.1865 ahead of 1.1780.


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