Community Forecasts for April 13-17: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recently, the single European currency started to show  signs for possible rebound, however, did not managed to retain positive tendency, and drop almost 500 pips during the previous trading week.  On Monday, the Euro was trading on the record highs, amid hopes that Greece will repay the 450 million euro loan to the International Monetary Fund on time, and as the Federal Reserve will hold off on raising interest rates until later this year. Meanwhile, the Greenback rallied by more than 1% on Tuesday, amid weaker than expected services data in the Euro zone.  On the next day,  the Euro was higher against the broadly weaker US Dollar, since investors looked ahead to the minutes of the Federal Reserve's March meeting.  Also, on Wednesday, the Eurozone's retail sales fell 0.2% in February, in line with market expectations. On Thursday, the firmer Greenback increased to one-week record, amid renewed expectations for higher interest rates following remarks by Federal Reserve officials. By the end of the week, the pair continued its move back toward parity, hovering close to a three-week low, since demand for the Greenback remained supported by hopes for a US rate hike by the middle of the year. The pair round up the week at 1.0591 level.
This week the overall sentiment on the EUR/USD is completely changed, compared to previous week. Around 76% of Dukascopy Community members, is waiting for the Euro to drop further. The average prediction for April 18, in turn, is located around the 1.067 level. Among important events in the Eurozone this week, the ECB will  announce its interest rate decision on Wednesday. The rate release is to be followed by a press conference with President Mario Draghi. The US, in turn, is going to round up the week with data on consumer prices and consumer sentiment. 

© Dukascopy Bank SA
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