The forecast for EUR/USD suggested that the battle line for the bulls and the bears would be drawn at 1.1400. However, the fact that they were actually equal in force was a surprise. As a result, neither of them could gain the upper hand and the week started and ended at the same level of 1.1400.
Forecast for Upcoming Week
Summarizing the opinions of several dozen analysts from leading banks and broker companies and forecasts based on different methods of technical and graphical analysis, the following can be said:
The W1 chart for EUR/USD clearly shows an that started to form at the beginning of last December. Now the pair is basically at its top boundary. According to graphical analysis on H4 and D1, after rebounding from it, the pair should go down to the central line of 1.1135 and then return to 1.1500. The experts still hold onto the of 1.1400, indicating a sideways channel with quite a narrow range of 1.1320-1.1500.
Roman Butko, NordFX