Community Forecasts for June 20-24: EUR/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 21 Jun 2016 10:41:05 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
The EUR/USD has been heading in mixed environment mostly due to the economic announcements. The final estimate of the single European region inflation in May showed that consumer prices plunged 0.1% on a yearly pace in May, having slowed its pace of decrease after April's steep drop of 0.2%. Meanwhile, this was the second consecutive decline in prices. In the mean time, the negative interest rate within the Euro zone region has failed to preserve hopes of inflation, despite President Mario Draghi statements that he and other senior bank officials are convinced that the measures are working. 
Community members do not expect any surprises from the currency pair this week, as according to the Dukascopy survey the Euro might end the week at 1.13, slightly changed from the last week's close price. The majority of those polled (75%) share a bullish outlook for the single currency. Jignesh is among those, who advocate positive outlook, saying that "High volatility in the previous week had EUR/USD bulls questioning their bias as the pair nearly broke a daily rising channel extending back to early December, as well as the respected 200 period daily moving average.  A hold of support, as well as a sharp reversal has renewed confidence in bulls, and this week continuation is expected as the US Dollar continues it's broader bearish decline." In contrast, Pisakjanos expect that pair could take as bullish directions as well as bearish". 
This week the pair will be driven by a bunch of important news both from the Eurozone and US. Moreover, Yellen's testimony before Congress as well as the UK's referendum will be the main drivers for the pair.

© Dukascopy Bank SA

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