EUR/USD once again proved that the majority opinion may be wrong. The pair’s sentiment was supported by only 25% of the experts and graphical analysis on D1 but it is they who turned out to be right – straight from the market opening, the pair went up sharply and then, as predicted, plunged as sharply almost to the level of the start of the week.
Forecast for Coming Week
Summing up the views of scores of analysts from world leading banks and broker companies as well as forecasts based on various methods of technical and graphical analysis, the following can be said:
Opinions on EUR/USD once again turned out quite unanimous – 60% of the analysts, 100% of the indicators on all timeframes and graphical analysis at D1 vote for a fall to 1.0700 at least. With that, the pair may first rebound to resistance at 1.0990, then return to support at 1.0800, break through it and drop to 1.0700 and then further down to support at 1.0560.
Roman Butko, NordFX