Community Forecasts October 5-9 : EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 29 Sep 2015 05:27:04 GMT
Source: Dukascopy Bank SA
 
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During the previous trading week, the EUR/USD currency pair continued its mixed trend, by falling below the 1.11 major level back on Friday. The Dollar was spurred down, after Federal Reserve Chair Janet Yellen indicated that she still expects interest rates to rise later this year and as US second quarter growth was revised higher. Meanwhile, second-quarter US gross domestic product growth was revised from 3.7% to a final annualized rate of 3.9%. Larger gains in consumer spending and commercial and residential construction drove the upward revision. 
Still, last week's decline of the pair has already started on Wednesday, as sentiment on the Greenback was fragile ahead of a speech by Federal Reserve Chair Janet Yellen. 
However, this week sentiment has improved significantly, as almost 63% of participants in our weekly quiz expect the Euro to rebound. In course of the working week, analysts are waiting for a big portion of fundamental data. It includes US report on the trade balance and consumer sentiment, revised data on second quarter growth, as well as initial jobless claims data and data on manufacturing activity from the Institute for Supply Management. Average prediction for the EUR/USD soared to the 1.14 major level, while the pair closed at 1.12 back on Friday. As khalidamassi suggests, "The EUR/USD still supported last week around 1.1100 as it slightly recovered towards 1.1200, so 1.1100 will be minor support this week which may send the pair towards 1.1400 if US employment was not good for USD, but new surge in US employment data or lower unemployment rate should give a boost for USD especially after Yellen last speech about raising rates before year end." The same positive outlook is assumed by al_dcdemo: "I have a bullish view on the pair, but I think it will retest the bottom of the seven-month channel before heading back up."
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