First, a review of last week’s forecast:
D1 and W1 charts show that EUR/USD continues to move within the ascending channel that started last December. As expected by 50% of the analysts and graphical analysis on H4 and D1, the pair aimed at the upper boundary of the channel right from the start of the week, quickly reached resistance at 1.1350 and then went down sharply to strong support at 1.1200, which is clearly visible in the monthly timeframe.
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:
According to 85% of the experts and 90% of the indicators on H1, the EUR/USD pair should continue to move down to 1.1100-1.1150. On the other hand, graphical analysis and the indicators on D1 reckon that next week the pair will be moving in a 1.1200-1.1450 sideways channel with support at 1.1200. In the longer term, the pair should break through the lower boundary of the channel in early May and rather quickly reach a local bottom of 1.0900.
Roman Butko, NordFX
D1 and W1 charts show that EUR/USD continues to move within the ascending channel that started last December. As expected by 50% of the analysts and graphical analysis on H4 and D1, the pair aimed at the upper boundary of the channel right from the start of the week, quickly reached resistance at 1.1350 and then went down sharply to strong support at 1.1200, which is clearly visible in the monthly timeframe.
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:
According to 85% of the experts and 90% of the indicators on H1, the EUR/USD pair should continue to move down to 1.1100-1.1150. On the other hand, graphical analysis and the indicators on D1 reckon that next week the pair will be moving in a 1.1200-1.1450 sideways channel with support at 1.1200. In the longer term, the pair should break through the lower boundary of the channel in early May and rather quickly reach a local bottom of 1.0900.
Roman Butko, NordFX