Community Forecasts for August 31-September 4: EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 01 Sep 2015 15:11:08 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
Despite positive projections among Dukascopy Community members, last week the most traded currency pair on the foreign exchange failed to keep rising in value. As market volatility used to decrease along with turmoil in equity markets, the Euro's surprising safe-haven status was nullified by the end of the period. Therefore, by August 28 the common European currency deteriorated below the 1.12, down more than 300 pips from its weekly peak. On Monday, however, the pair managed to test the 1.17 mark, after the American stock market opened lower with the Dow Jones Industrial Average tumbling around 1100 in the opening. Meanwhile, there were only a few European fundamentals to influence the currency pair last week. Among them, German IFO Business Climate unexpectedly rose in September and encouraged views that the Euro area's biggest economy is on track to grow rapidly in 2015, despite slowing growth in China and other negative factors including Greek debt crisis.
Despite EUR/USD's losses throughout the previous trading week, Dukascopy traders are still bullish with respective to this currency pair, as more than 57% of them see the Euro higher by September 4. Among traders, aslamhammad expects the situation to be mixed this week. In his opinion "the price can go down to 1.1350 by end of this current week. As on Friday we have non-farm employment change data that will be very important as well. If the US data shows better than expected numbers, we will see EUR/USD back down around 1.1200." Moreover, he admits that this statistics will have strong influence on the Fed when it meets this month. Besides employment data from the world's biggest economy, important fundamentals will include the ECB interest rate decision this Thursday and a press-conference of Mario Draghi. Analysts assume the ECB President will face tough questions on QE future in the Eurozone.

© Dukascopy Bank SA

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