Community Forecasts for May 2 - 6: EUR/USD 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even the most traded currency remained rather calm, with the elevated market volatility observed only in 24% of the time. The pair did not show rapid movements on Monday as there was no major impetus for any bigger movement. The next day, the Euro managed to receive support, rising 0.43%, after US durable goods showed a weaker than expected reading in March. In the middle of the week, the pair was rather calm, since the Greenback strengthened after the statement from the FOMC's as well as since Fed left the federal funds rates unchanged. Eventually at the end of the week, the single European currency pared gains, pulling away from a two-and-a-half week high due to the announcement of downbeat Euro zone inflation data. According to the Eurostat, the Euro zone economy grew by 1.6% year over year in the first quarter; however, inflation failed to keep pace, sliding 0.2% on a yearly base while core inflation rose 0.8%. 
Dukascopy Community members divided equally in their expectations, as consensus forecast stands for 1.137. Still, the level is more than 70 pips above last week's average price, meaning the pair is still trading in a strong uptrend. "The pair is running on an up trend touching the resistance level of 1,14639. The last 15 days draw a double bottom, around the EME(20), with a W shape around 1,2340 level. I am expecting a contra-trend move in the next few days going down to 1,1350" said trader Khimitau.

© Dukascopy Bank SA
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