Community Forecasts for November 3-7: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to much better than expected fundamental data from the United States and negative statistics from the single currency area, the most popular currency cross traded mostly to the south during the previous week ended October 31. The EUR/USD pair began the week at the 1.2675 level and even initially hovered to the upside for first two days, as worse than forecasted core durable goods orders in the US pushed the Greenback down versus the majority of currencies, including the Euro. The pair surpassed the 2013 low and reached its weekly highest point at 1.2771 on Wednesday. At the same time, the Euro was immediately sent back below the 1.26 level on that day, after the Federal Reserve announced the end of its QE program. It dropped further following the positive US GDP release a day later. Data from the Eurozone was mostly disappointing last week, as German retail sales unexpectedly dipped 3.2% in September and deflation in this country approached the 0.3% level in October. Eurozone's CPI, however, rose slightly to 0.4% last month, but remained well below the 2% ECB's threshold. As a result, this factors pushed the Euro down at the end of the week, as the pair closed at 1.2522 level, just slightly above the Fibonacci retracement.
This week the overall sentiment on the EUR/USD cross declined. The majority of Dukascopy Community members are now waiting for the Euro to drop further, while last week the votes were divided equally. The average prediction for November 7, in turn, is located around the 1.2640 level, just above the monthly pivot point. Among important events in the Eurozone, traders should pay attention to the PMI releases in Italy and Spain on Wednesday, ECB meeting on Thursday, as well as German factory orders for September.

© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.