Community Forecasts November 2-6 : EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 27 Oct 2015 10:00:19 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
Despite the bullish forecasts of Dukascopy Community members last week, the Euro dropped significantly, as even supportive statistical data from the United States was not able to prevent the further appreciation of the EUR/USD currency pair. Only 40% of traders expected such a development to take place. The currency pair, however, started the trading week on a rather promising note around the 1.139 level but plunged to 1.098 on October 23. The single European currency tumbled on Thursday to three-week lows, after European Central Bank President Mario Draghi otlined the possibility for further easing measures before the end of the year. Moreover, Mr Draghi added that the ECB's quantitative easing programme is set to run until 2016 or beyond if necessary. The next day, the Euro strengthened its fall and reached two-month lows being still mightily influenced by Mario Draghi statement. 
Comparing to the previous week, participants of the last week's quiz stayed mostly unchanged on their view about pair's future perspectives, as now 56% of them are staying bullish on the currency pair. The vast majority of traders expect the pair to outperform the current trading levels. As TRENDMASTER suggests, "The EUR/USD is depending on outcome from FED FOMC meeting this week to determine either to depreciate further or recover from the last week's moves", while RacerX thinks oppositely "Looks like sentiment is turning bearish once again due to the ECB President Mario Draghi's comments about weighing the need for monetary stimulus. I suppose there could be revision to some of the recent US employment figures which might give strength to the Dollar." 
Concerning, the important economic news, on Thursday, the US is to release data on third quarter economic growth and the weekly report on jobless claims.

© Dukascopy Bank SA

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