Fundamental view:

The Euro could not manage against the greenback last week and forecasted a bearish trend. US Empire State Manufacturing Index on 17^th Aug and Europe Current Account, Final CPI yearly on 19th Aug favored uptrend for the pair whereas US NAHB Housing Market Index on 17^th Aug, Europe German Flash Services PMI and US Flash Manufacturing PMI on 21^st Aug favored downtrend for the pair.
 
The Pair has dropped last week as dollar gained strength. In the upcoming week we expect the greenback to gain strength and the pair to fall.

The major economic events deciding the movement of the pair in the next week are German Final GDP quarterly report, US CB Consumer Confidence at Aug 25, US Core Durable Goods Orders monthly report at Aug 26, US Prelim GDP quarterly report, Fed Chair Powell Speaks at Aug 27, German Import Prices monthly report, Jackson Hole Symposium at Aug 27 & 28.

EUR/USD Weekly outlook:

Technical View:

Last week’s high was 0.86% higher than the previous week. Maintaining high at 1.1965 and low at 1.1754 showed a movement of 211 pips.

In the upcoming week we expect EUR/USD to show a bearish trend. The currency pair is trading below the 200 Simple Moving Average and the MACD trades to the downside.  A solid breakout below 1.1712 may open a clean path towards 1.1617 and may take a way down to 1.1500. Should 1.1923 prove to be unreliable resistance, the EURUSD may raise upwards 1.2050 and 1.2134 respectively. Chart formation of an Expanding triangle pattern breakout in H4 chart sets prospects for a bearish trend. Three Black Crows formation in H4 chart escalates the expectation for a bearish trend.