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.
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| EURUSD | 1 Week | 1 Month | 1 Quarter | 1 Week | 1 Month | 1 Quarter | ||
|---|---|---|---|---|---|---|---|---|
| Levels | Trend | |||||||
| ©FXstreet.com | Fri, Jan 04 2013, 17:00 GMT | |||||||
| A. Narczewski | 1.3200 | 1.3000 | 1.2600 | Bullish | Sideways | Bearish | ||
| Alberto Muñoz,PhD | 1.2900 | 1.2800 | 1.2600 | Bearish | Bearish | Bearish | ||
| Anna Coulling | 1.3163 | 1.3483 | 1.2968 | Bullish | Bullish | Sideways | ||
| ANZ FX Strategy Team | - | - | 1.2900 | - | - | Bearish | ||
| BoA FX, Rates and Commodities Team | - | - | 1.2300 | - | - | Bearish | ||
| Capital Economics Research Team | - | - | 1.2500 | - | - | Bearish | ||
| Claudiu Cazacu | 1.3000 | 1.3100 | 1.3250 | Bearish | Sideways | Bullish | ||
| Danske Research Team | - | - | 1.3400 | - | - | Bullish | ||
| DBS Group Research | - | - | 1.3200 | - | - | Sideways | ||
| Goldman Sachs Global Investment Research | - | - | 1.2500 | - | - | Bearish | ||
| Gus Farrow | 1.2946 | 1.3270 | 1.2550 | Bearish | Bullish | Bearish | ||
| HSBC Global Research Team | - | 1.3200 | 1.3400 | - | Bullish | Bullish | ||
| Hugo Venter | 1.3400 | 1.3700 | 1.5000 | Bullish | Bullish | Bullish | ||
| Ilian Yotov | 1.3000 | 1.2900 | 1.3000 | Bearish | Bearish | Sideways | ||
| J.P. Morgan Global FX Strategy | - | - | 1.2800 | - | - | Bearish | ||
| Luc Luyet, CMT, CIIA | 1.3000 | 1.3200 | 1.3400 | Bearish | Bullish | Bullish | ||
| Mauricio Carrillo | 1.3150 | 1.3500 | 1.3800 | Bullish | Bullish | Bullish | ||
| NAB Global Markets Research | - | - | 1.3400 | - | - | Bullish | ||
| National Bank of Canada Eco. & Strat. Team | - | - | 1.2300 | - | - | Bearish | ||
| Nomura FX Research & Strategy | 1.2950 | - | - | Bearish | - | - | ||
| Rabobank Financial Markets Research Team | - | 1.3000 | 1.2800 | - | Sideways | Bearish | ||
| RBC Economic Research Team | - | - | 1.3200 | - | - | Sideways | ||
| RBS Team | - | - | 1.2300 | - | - | Bearish | ||
| Richard C. Lee | 1.3167 | 1.3000 | 1.2700 | Bullish | Sideways | Bearish | ||
| Scotiabank FX Strategy Team | - | - | 1.3000 | - | - | Sideways | ||
| TD Securities Research Team | - | 1.2900 | 1.2200 | - | Bearish | Bearish | ||
| UBS FX Research Team | - | 1.3300 | 1.3000 | - | Bullish | Sideways | ||
| Valeria Bednarik | 1.3170 | 1.3280 | 1.2880 | Bullish | Bullish | Bearish | ||
| Yohay Elam | 1.2900 | 1.3300 | 1.2800 | Bearish | Bullish | Bearish | ||
| Average | 1.3073 | 1.3183 | 1.2955 | Sideways | Bullish | Sideways | ||
We expect the pair has or is very near to completing a second wave correction which should signal the start of upwards movement within a third wave. Failure to see strong upwards movement over the next week is likely to, at the minimum, indicate a larger correction is progress that should see sideways and lower movement.
Although the U.S. fiscal cliff was averted, the EUR did not find a catalyst to break further into the $1.30's and is starting to lose its bullish momentum ahead of the ECB meeting on January 10.
Draghi could weigh on the euro, adding to the already existing pressure from the FOMC minutes and the imperfect fiscal cliff deal.
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.
Eurodollar duly the 1.33 price point in the last days of trading of 2012 before failing at this level once again. The start of the 2013 trading year has seen the eurodollar first jump higher on the fiscal resolution before selling off sharply in advance of the FOMC minutes. The pair now appear to be re-basing around the psychological 1.3000 level and provided support holds at this level expect to see the pair bounce back once again with a further run and test of the 1.33 level in due course. Once this level is breached then we should see further bullish momentum develop in the medium term.