Community Forecasts for August 25-29: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most popular currency pair started a week on a positive note, however, it did not manage to defend positions and started to decline gradually. At the same time, Dukascopy Community members expected the EUR/USD currency pair to increase in value, as 55% of votes were bullish. The pair has been negatively influenced both by negative fundamental data from the Eurozone and positive statistics from the United States. Trade balance in the single currency area worsened, while manufacturing activity growth decreased. Alongside, U.S. manufacturing and the housing sector showed a solid advance. Therefore, the pair plunged below the monthly S1 level at 1.3270 and closed around 1.3250 mark on Friday.
This week is  presumed to be rich on important fundamental news, which may potentially influence movements of the pair even more. American economic growth is supposed to be confirmed around 4% level, while Eurozone's inflation may go down to 0.3%.
Participants of the Dukascopy Community Forecasts quiz support the general negative view on the pair, with 62.5% of all votes being short at the moment. The average expectation for the end of the current week is located at 1.3230, slightly above the daily S1 level of 1.3222. At the same time, for the forecast to be affirmed, the Euro has to drop below the monthly S2 level at 1.3151, which can pose some problems for the pair. According to rokasltu opinion, "EUR/USD rate steadily goes down and I think such trend will continue. But above 1.32 seems to be quite good support and I do not expect EUR/USD to end this week below mentioned mark", however, aslamhammad sees "… the European CPI to improve on next coming Friday on August 29th. I expect the closing price to be around 1.3300."

© Dukascopy Bank SA

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