Community Forecast for March 24-28: EUR/USD 1W Chart

Bulls are not willing to give up their positions easily, pushing the pair back to 1.38. Nevertheless, Dukascopy Community members expect the pair to hit 1.3776 by this Friday, a level which is below the last week's average price of 1.3861. Additionally, more than 64% of respondents have bearish view on the pair, while 66% of opened positions are short. Therefore, the short term-outlook is bearish, with the key level for short traders being located at a recent low.

It is hard to predict pair's long-term perspective, as technical indicators on a daily chart are sending ‘buy' signals, while a slight majority of pending orders are placed to buy the pair. In case markets will start pricing in the potential rate hike from the Fed, the greenback will rocket against other major currencies. Our scenario is supported by a trader Rokasltu, who said "FOMC confirmed tapering, hence, the U.S.Dollar strengthened across the board. But EUR/USD found a support at around 1.3750 and I think in the coming week this support will be tested several times and rate will end the week somewhere near mentioned support." A dip back to the recent low seems to be the most probable scenario for this week, while long traders, in turn, should focus on a weekly R1 at 1.3913.