Community Forecasts for November 24-28: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro started the previous week on the rather positive note at 1.2526 level and lost as much as 130 pips over five trading days, closing the week at 1.2399. The shared currency dropped sharply against the Dollar on Friday, after ECB President Mario Draghi indicated that inflation expectations are still remaining at low levels and outlined that the ECB is ready to expand its stimulus program to raise inflation as soon as possible. Among other important fundamental news, German ZEW Economic Sentiment rose  to 11.5 points in November and reached the highest level in four months, but the Eurozone's composite PMI slipped to 51.4 points, the lowest in 16 months, after unexpectedly poor numbers came out for Germany and France, the bloc's  most powerful economies. Business confidence in Germany, in turn, jumped to 104.7 points on Monday from 103.2 in October. From American side, the minutes from last month's Federal Open Market Committee's meeting provided little clarity on the Federal Reserve's plans to raise interest rates in the year 2015. In addition, annual Inflation in the country remained unchanged at 1.7% last month, while the core CPI advanced to 1.8%.
In a week time, the sentiment on this currency pair changed even more to the downside, as now 81% of traders predict the Euro to lose value, while last week this scenario was forecasted by 66% of Dukascopy traders. The median estimate for November 28 is placed  around the 1.239 mark. Important news this week include the German prelim inflation data and a report on October's unemployment change on Thursday, as well as country's retail sales a day later.  In the United States,  consumer confidence, the first revision of GDP for the third quarter and durable goods orders are due to be published on Tuesday and  Wednesday, respectively.

© Dukascopy Bank SA
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