Fundamental view:

FOMC Member Williams Speaks at Jul 16 acted as a catalyst for bearish move of the pair whereas ZEW Economic Sentiment at Jul 14 and Final Core CPI yearly report at Jul 17 framed a bullish move for the pair .The rising cases of Covid 19 cases in US has created a fear of second wave of virus and hence pressuring USD against EUR.

With US economy struggling to start with the rising cases of Covid 19 in the past week, EUR/USD showed a bullish trend.

The major economic events deciding the movement of the pair in the next week are Europe German Buba Monthly Report at Jul 20, US Crude Oil Inventories at Jul 22, US Unemployment Claims at Jul 23, French Flash Services PMI, Europe Flash Services PMI, USD Flash Manufacturing PMI at Jul 24.

 EUR/USD Weekly outlook:

Technical View:

Last week’s high was 0.72% higher than the previous week. Maintaining high at 1.1452 and low at 1.1301 showed a movement of 151 pips.

In the upcoming week we expect EUR/USD to show a bullish trend. The currency pair is trading above the 100 Simple Moving Average and the MACD trades to the downside. A solid breakout above 1.1487 may open a clean path towards 1.1545 and may take a way up to 1.1638. Should 1.1336 prove to be unreliable support, the EURUSD may sink downwards 1.1243 and 1.1185 respectively. Breakout of the Flag to the upside in H4 chart sets prospects for a bullish trend. Bullish Spinning tool formation in H4 chart escalates the expectation for a bullish trend.