The Eurozone is facing a possible energy crisis. The dollar rally is set to continue after the high inflation reading. Investors expect a 25bps rate hike from the ECB. The weekly EUR/USD forecast is bearish as markets do not expect the ECB to hike rates higher than the consensus. It would take a surprise hike to elicit a bullish move in EUR/USD. –Are you interested to learn more about forex signals? Check our detailed guide- Ups and Downs of EUR/USD The EUR/USD has had a week full of activity, with many fundamental events causing movements in the pair. The pair started the week badly when the Nord Stream, the largest pipeline delivering Russian gas to Germany, was closed for maintenance. Countries like France have already started shifting to oil in preparation for a possible cutoff. These developments weighed heavily on the euro. US inflation also weighed on the pair as it came in higher than investors had expected. Markets expected a 100 basis point rate hike at the next Fed meeting, which saw the dollar rising. Next week’s key events for EUR/USD The European Central Bank is expected to start its rate hike journey with a 25bps, although some investors see a possible 50bps rate hike. This decision will be the focus for EUR/USD investors next week. At the same time, the Eurozone is facing a looming energy crisis that is affecting the region’s vulnerable economies. Even if ECB can tame inflation with rate hikes, the region might go into recession. Get FREE Forex Signals Now! Speaking at a political gathering in the Finnish city of Pori, policymaker Olli Rehn said, “The ECB’s interest rate after September depends on whether we see another cold spell in the European economy due to Russia’s war possibly intensifying.” The market has already priced in the 25bps rate hike, so it would take a surprise rate hike to cause a EUR/USD rally. EUR/USD weekly technical forecast: Solid support at 1.0000 The daily chart shows a strong downtrend. The price is trading well below the 22-SMA, showing that bears are in control, and the RSI has touched and come out of the oversold region, favoring bearish momentum. –Are you interested to learn more about automated trading? Check our detailed guide- We can also see that the price experienced support at 1.00006 and is currently pushing off that level and heading higher. This move might begin a pullback that could retest 1.03575, a critical support and resistance level. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD Forecast share Read Next USD/JPY Weekly Forecast: Dovish BOJ Limiting Losses, Eying 140.0 Saqib Iqbal 3 weeks The Eurozone is facing a possible energy crisis. The dollar rally is set to continue after the high inflation reading. Investors expect a 25bps rate hike from the ECB. The weekly EUR/USD forecast is bearish as markets do not expect the ECB to hike rates higher than the consensus. It would take a surprise hike to elicit a bullish move in EUR/USD. -Are you interested to learn more about forex signals? Check our detailed guide- Ups and Downs of EUR/USD The EUR/USD has had a week full of activity, with many fundamental events causing movements in the pair. The pair… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.