Community Forecasts for April 27-1May: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The most traded currency pair was pretty much unchanged during first days of the previous week, while major changes took place on Friday. The Euro remained lower against the Dollar in quiet trade on Monday, as Athens still did not manage to reach an agreement with its Euro Zone partners, fueling fears that Greece could be forced out of the Euro zone. Therefore, the pair opened the week at 1.0799 mark. On Wednesday, after strong US home sales data, which  increased 6.1% in March, the single European currency erased all gains. The sales of previously owned homes surged to the highest level in 18 months in March, as more homes came to the market, pointing the housing market is gaining momentum after a tepid beginning to the year. Nevertheless, the pair managed to rose on Thursday, after the release of a downbeat US jobless claims, which  climbed 1,000 to 295,000 for the week ended 18 April.  On the fifth's day of the working week, the Euro surged to two-and-a-half week highs, erasing earlier losses, after upbeat German business climate data. According to the Ifo Institute of Economic Research, the Germany's business climate index reached a 10-month high of 108.6 in April from 107.9 in March, beating economist's median expectations of a 108.4.  
As a result, more than 73% of Dukascopy Community members remain optimistic about EUR/USD perspectives. The average prediction for May 1 is located at 1.10 level. Concerning the fundamental data, on Wednesday, the US is to publish preliminary data on the first quarter economic growth in addition to a report on pending home sales. On Thursday, Germany, in turn, is going to publish retail sales and unemployment reports, while Spain will release data on inflation and economic growth. 

© Dukascopy Bank SA
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