EUR/USD was predicted to move down to the central line of the that started to form last December and is now clearly visible on W1. The pair did drop sharply but didn’t reach the target of 1.1135. Instead, it stalled at support 1.1250.
Forecast for Coming Week
Summing up the opinions of several dozen 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 suggested:
EUR/USD is very likely to continue its ascending movement for the fifth month in a row. Now the pair is just above the channel’s central line of 1.1135-1.1150. According to 50% of the experts, the pair should come down to it, then bounce off and go to the upper boundary of the channel. The indicators on H4 agree with this. The other half of the analysts and graphical analysis on H4 and D1 reckon that EUR/USD may move upward almost immediately. The first resistance is at 1.1350, the second – at 1.1450, and the upper boundary of the channel is near 1.1600.
Roman Butko, NordFX