Community Forecasts for July 7 - 11: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/USD touched 1.3700 in the beginning of last week, yet failed to breach above its 55-day EMA and gradually declined throughout the next trading days. The Euro dropped to its lowest level in a week against the Greenback on Friday, after U.S. had released a bunch of economic data that eased investor concerns over the outlook for the world's largest economy. EUR/USD closed Friday's session at 1.3594, posting a weekly decline of 0.35%. In addition, on Thursday the single currency came under pressure, as the ECB reiterated its minimum bid rate and said it could lower the forward guidance rates in the nearest future.
As for this week, the couple traded up from 1.3588 to 1.3616 during the first two trading days, as investors sold the Greenback for profits after Thursday's upbeat U.S. data.
At the moment of writing traders were slightly bearish on the pair, as 54% of all positions were short. In the meantime, the Euro is bought in 51% of all cases.
The weekly survey results show that Dukascopy community members see the pair closing the week at 1.3628, which is slightly higher than the current (1.3615) trading price. "Letmetry" is bullish on the pair, as he believes the Dollar is overpriced and should weaken soon, whereas "GreyEmin" is in the opinion that the Euro will retest its previous month's low. "AdrianWS" gave the following comment on his bearish outlook for the pair ‘EUR interest rates have been on a downward trajectory with respect to US ones, while only nominal at this point. I'd expect to see some weakness filter through'.
Among fundamentals, the pair is likely to be impacted by FOMC meeting minutes on Wednesday and data release on Harmonized Index of Consumer prices in Germany.


© Dukascopy Bank SA

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