Fundamental view:

The Euro went back and forth during the bulk of the week but ended up slightly positive. The pandemic fatigue has extended its claws into financial markets, as investors struggle to balance vaccine hopes and fresh restrictive measures in the northern hemisphere. A light macroeconomic calendar and no progress in other fundamental developments exacerbated the quietness.

US TIC Long-Term Purchases on 18^th November and US Housing Starts on 18^th November created bearish atmosphere for the pair whereas US Empire State Manufacturing Index on 16^th November and US Natural Gas Storage on 19^th November created bullish atmosphere for the pair.

The major economic events deciding the movement of the pair in the next week are US Markit Manufacturing PMI at Nov 23, Euro Ifo Business Climate, US CB Consumer Confidence Index at Nov 24, US GDP quarterly report, US Core Durable Goods Orders monthly report, US Initial Jobless Claims, FOMC Minutes at Nov 25, and Euro GDP quarterly report at Nov 26.

EUR/USD Weekly outlook:

Technical View:

Last week’s high was 0.22% lower than the previous week. Maintaining high at 1.1893 and low at 1.1814 showed a movement of 80 pips.

In the upcoming week we expect EUR/USD to show a bullish trend. The currency pair is trading above the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 1.1897 may open a clean path towards 1.1935 and may take a way up to 1.1976. Should 1.1817 prove to be unreliable support, the EURUSD may sink downwards 1.1776 and 1.1738 respectively. Chart formation of a bullish bat pattern in H4 chart sets prospects for a bullish trend. Hammer formation in H4 chart escalates the expectation for a bullish trend.