Forex Forecast for 21-25 March 2016

FX:EURUSD   Euro / U.S. Dollar
First, about last week’s forecast:
The forecast for EUR/USD             proved 100% correct. The main support was set at 1.1080, and the suggested peak for the pair’s rise was at 1.1350. In fact, from Monday to Wednesday, the pair relied on support around 1.1060-1.1080, and then on the news from the USA, it moved up reaching 1.1342, as expected.

Forecast for Upcoming Week
Summarizing the views of several dozen analysts from leading banks and broker companies as well as forecasts based on different methods of technical and graphical analysis, the following can be suggested:
The experts' opinions about EUR/USD             are divided – about 40% of them are for a rise, another 40% are for a fall, and the remaining 20% support a sideways trend. As for the indicators, 75% of them on H4 and 100% on D1 point upwards. Graphical analysis on D1 agrees with it, setting the target as last August’s high of 1.1700. With this, according to graphical analysis on H4, before starting to rise, EUR/USD             may bounce off resistance at 1.1380 and fall to 1.1130. In the longer term, most analysts still tend to believe the pair will go down at least to 1.0500 in the next few months.

Roman Butko, NordFX
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