Community Forecasts for September 22-26: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair on the foreign exchange market was mostly unchanged during the first part of the previous week around the 1.2950 level. However, on Wednesday's evening the U.S. Dollar started appreciating due to positive statistical data on current account balance in the world's largest economy. Subsequently, the single currency managed to return some of losses later that day, after the Federal Reserve decided to keep interest rates on a record-low level and announced that rates will remain on the present level for a considerable period of time. On Friday, U.S. housing data disappointed markets, which pushed the EUR/USD currency cross to the upside. Still, the pair closed the trading week just above 1.28 major level, losing around 150 pips a five days. Dukascopy traders, however, were undecided on pair's perspectives, as bullish and bearish votes were divided equally.
This week the sentiment on EUR/USD deteriorated quite considerably, as now only one third of traders are expecting the Euro to gain value. The average expectation for the end of the week fell below the 1.28 important psychological mark, while the smallest forecast is located as low as at 1.20. This week Eurozone's manufacturing and services sectors' activity is due to be released, while U.S. statistics will show a tendency for durable goods' orders in August. As Jignesh assumes, "As we close in on month end and quarter end, we may see the EURO continue it's bearish trend towards strong monthly support which comes in at 1.2800. This area is like a magnet for the pair, as it is so close to major support bulls will be looking for a lower level to buy", while khalidamassi expects the pair to rise "EUR/USD may test 1.3 again this week because the pair seemed priced the upcoming negative data so the pair may try to hit 1.3050-1.31 this week."
© Dukascopy Bank SA
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