Forex Forecast for 19-23 October 2015

FX:EURUSD   Euro / U.S. Dollar
First, a review of the previous week:
The forecast for EUR/USD             can be considered as fulfilled by 99%. The predictions were as follows: the pair bounces off the upper boundary of the weekly ascending channel , goes to its bottom boundary and, bouncing back up, reaches September’s high. This actually happened, although the pair didn’t quite reach the very bottom of the channel and slightly overshot the high, so the forecast lost 1% of its accuracy.

Forecast for the coming week. Summarizing the views of several dozen analysts from world leading banks and broker companies and forecasts based on different methods of technical and graphical analysis, the following can be said about EUR/USD:
73% of the analysts along with graphic analysis and indicators on H1 support a further drop – first, to support at 1.1300 and then further to support at 1.1120. The Pivot Point in this case will be at 1.1200. The remaining 27% of the analysts and 85% of the indicators on D1 think that the pair will fail to break through the 1.1300 support and will go up to last week’s high. This scenario is echoed by graphical analysis on H4.

Roman Butko, NordFX

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