The forecast for EUR/USD panned out 100% – the pair remained in a sideways trend until mid-week, then, after Fed Chairwoman Janet Yellen’s speech, it broke through resistance at 1.1250 and rose to 1.1350. On achieving this, the pair reverted to 1.1250, turning it into support.
Forecast for Coming 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 predicted:
As for EUR/USD , 65% of the experts and the indicators on D1 talk about a continuing uptrend. At the same time, graphical analysis on D1 shows that the pair may go up to 1. 1400 during the week and only then move down. The remaining 35% of the analysts and graphical analysis on H1 and H4 expect the pair to fall within the next five days. Graphical analysis, in turn, indicates that EUR/USD may stay in a 1.1225-1. 1320 sideways corridor for a day or two at the beginning of the week and then go down to the first support at 1.1150 and then even lower to 1.1030.
Roman Butko, NordFX