Community Forecasts October 19-23 : EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 13 Oct 2015 08:59:05 GMT
Source: Dukascopy Bank
 
© Dukascopy Bank
In course of the previous week, the Dollar fell against the other major currencies, hitting multi-week lows, due to the minutes of the Federal Reserve's latest meeting indicated that interest rates are likely to remain on hold for longer. However, in the middle of the week, the single European currency weakened after the announcement of German industrial production. The German's exports decreased 5.2% in August, much more than anticipated while imports declined 3.1%, leaving the country's trade surplus at 15.3 billion euros. Germany is affected by the slowdown in China, being its third-largest trading partner. Nevertheless, by the end of the week the Greenback was trading close to three-week lows ahead of the minutes of the Federal Reserve's latest meeting later in that trading day.
In a week time, the sentiment on this currency pair changed insignificantly, as now 55% of traders predict the Euro to rise in value, while almost the same number of Dukascopy Community members forecasted this currency to decline last week. The median estimate for October 16 is located around 1.145. According to the bullish trader nuonrg, "The EUR/USD is on an up channel on the daily chart from March lows. It is not so much a bear flag anymore as there have been several breaks higher. I think now it will continue to the upper band of the channel while the target would be 1.18552."
Among important news this week, traders should pay attention to the US retail sales and producer prices on Wednesday and consumer prices, jobless claims as well as manufacturing activity in both the Philadelphia and New York regions a day later. From European side, revised data on consumer prices is due to be released on Friday.

© Dukascopy Bank

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