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EURUSD – Weekly Outlook for 13th August 2021

EURUSD Forecast for Forex


The U. S dollar has recovered from its earlier loss towards the end of July as the currency showed strength in the new month. We expect the dollar to continue to dominate the market on the OlympTrade forex platform as market participants and investors keep riding on the fundamentals that favor the U. S economy.

EURO and US News

German Final CPI m/m

The Consumer price index, which is the final, is released after 11 days into the new month. It comes first in the preliminary which has the most impact before the final data. Germany CPI shows changes in the value of goods and services the consumers have purchased. 

If the outcome of the report is higher than the forecast, it is good for the currency, but if the actual is lower than expected, it will not be suitable for the currency. The forecast is 0.9% while the previous is 0.9%.

Unemployment Claims 

The non-farm payroll showed that more people were employed, which is healthy for the US economy. For this week we shall focus on the Unemployment claims to find out the numbers of individuals who officially file for the unemployed insurance policy during the previous week. 

The data is important to the Feds because it helps them in the monetary policy of the country. Therefore, data above the expected number is not suitable for the US currency but lower data is good for the US dollar. The forecast is 375K while the previous data was 385K.

EURUSD Technical Analysis

Weekly Chart Bearish Swing

Weekly Resistance Level: 1.19860, 1.22664, 1.19117

Weekly Support Level: 1.16989, 1.17530

The COVID-19 cases are on the rise despite the vaccine campaign that is going on in various parts of the world. It is a concern for the masses to know that the jab of the coronavirus does not stop the infection of the virus but reports show that the vaccine could treat other ailments the person might go through. 

The short position traders on the EURUSD pair have been able to push down the price back to the support level where the Bulls surged from as of 29th March 2021 (1.16989). The Zone is a psychological level on the forex platform as the Bears will expect a breakout below the zones while the Bulls will rely on a divergence to take the price higher like it did before. 

Daily Chart Projections: Bearish



Daily resistance Levels 1.8948, 1.19761, 1.19127

Daily Support Levels 1.18469, 1.17515, 1.17011, 1.16985

Market participants could push the price down after the Bulls could not close above the 1.19127 resistance. The Bulls attempted to go beyond the level but failed. The Bears, however, took over the zone to break a support level of 1.18469 and testing the 1.17515 levels for a break or bounce. If the bear’s momentum should continue, we may see the price hitting the 1.16985 levels.

The level is a key zone on the forex platform for market participants because the price of the EURUSD pair can either breakout below for another free fall or we see another bullish surge from the zones.

 H4 Intraday Chart Overview, 


4 Hour Resistance levels 1.22651, 1.2048

4 Hour Support levels 1.16984, 1.17412

The EURUSD pair has been creating a series of lower highs and lower lows after the price failed to close above the 1.19018 high. The downtrend has been breaking low pushing prices lower. Price broke the 1.17412 support to go lower. If the bearish swing closes below the 1.16984 level, we are going to see the continuation of the downtrend.

From the support zones, we may see a divergence for an uptrend if the bearish momentum should weaken. The Bulls need to break out above the 1.17412 zones to push up the price for an uptrend.

Conclusion and Weekly Price Objectives

The market favors the Bears on the forex platform, which has led to a bearish rally from the 1.19 zone to the recent support. If the price of EURUSD can close below the weekly support of 1.160, we shall see the bears trending lower for another support.  

The senators finally approved the USA President’s bill on infrastructure. This will boost the recovery progress of the economy as it will create jobs and consumer spending will increase because it will reflect in the labor market.

The COVID-19 infection rate concerns some key authorities in the USA as schools are resuming in some states like Florida. Schools we told to make masks mandatory but some people are rejecting the policy for their wards.


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