Every week, we are publishing the Experts Forecast Currencies Poll. A pool of selected traders and analysts gives us their targets for the major currencies for the week, month and quarter to come. They also indicate the whole trend in these periods.
The report includes a visual table for each pair, as well as the comments that the experts might have added to their analysis.
Agree or disagree? Comments? Your own forecast? Post your thoughts in the Forecasts discussion group!
| EURUSD | 1 Week | 1 Month | 1 Quarter | 1 Week | 1 Month | 1 Quarter | ||
|---|---|---|---|---|---|---|---|---|
| Levels | Trend | |||||||
| ©FXstreet.com | Fri, Jul 27 2012, 17:00 GMT | |||||||
| A. Narczewski | 1.2200 | 1.2400 | 1.2700 | Bearish | Sideways | Bullish | ||
| Ani Salama | 1.2450 | 1.2100 | 1.1900 | Bullish | Bearish | Bearish | ||
| Derek Frey, CTA | 1.2100 | 1.1900 | 1.2400 | Bearish | Bearish | Sideways | ||
| Dr. S. Sivaraman | 1.2754 | 1.3321 | 1.3787 | Bullish | Bullish | Bullish | ||
| Gonçalo Moreira, CMT | 1.2280 | 1.2850 | 1.2900 | Bearish | Bullish | Bullish | ||
| Hugo Venter | 1.2300 | 1.1900 | 1.1500 | Bearish | Bearish | Bearish | ||
| ICN.com analysis team | 1.2000 | 1.2000 | 1.2600 | Bearish | Bearish | Bullish | ||
| Ilian Yotov | 1.2000 | 1.2000 | 1.2000 | Bearish | Bearish | Bearish | ||
| Joshua Martinez | 1.2414 | 1.2727 | 1.3145 | Sideways | Bullish | Bullish | ||
| Mauricio Carrillo | 1.2160 | 1.2500 | 1.2100 | Bearish | Bullish | Bearish | ||
| Valeria Bednarik | 1.2570 | 1.2200 | 1.1870 | Bullish | Bearish | Bearish | ||
| Yohay Elam | 1.2100 | 1.1800 | 1.2400 | Bearish | Bearish | Sideways | ||
| Average | 1.2277 | 1.2308 | 1.2442 | Bearish | Sideways | Sideways | ||
Now that ECB has vowed support for the Euro the Market moves to test their resolve...
quick upward moves may be seen
We expect that the Euro is within a larger wave degree fourth wave correction that is very likely going to see mostly sideways movement over at least the next week.
Settling above 1.2270 will invalidate the weekly bearish possibility
QE3 expectations ahead of the Fed's meeting could weaken the USD and could give the euro an opportunity to correct some of its losses. However, after the price correction, it would not be surprising to see the EUR resuming its downtrend, including a potential revisit of its fair value range $1.15-$1.20 in the not too distant future.
In the EURUSD weekly time frame, the market has hit its Fibonacci D Extension. It looks like the bullish pull back that I have been expecting is finally starting to take place.
Draghi's strong words must be backed with immediate action. If he was referring to giving the ESM a banking license, this will take too long, and market optimism may fade shortly.
Risk Disclosure
This forecast has just an informative meaning and cannot be treated as the guide to action, signal, recommendation or an offer to carry out certain trading operation. The experts of this poll expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader.We always aim for maximum accuracy, and FXstreet.com cannot be held responsible for inaccurate information or typos.
Draghi turned around the EUR/USD which fights at crucial resistance (1.2320). I expect the market to test it and then correct to lower levels. In the next couple of weeks though, the resistance should be broken and the EUR/USD will continue its rebound