Forex Guides

EUR/USD Forecast 16 March 15

Good day forex traders and readers.

Welcome to our weekly EUR/USD forecast and I hope you had a good forex trading week. The currency pair was rather muted this week although the Bears did make some headway.

In the previous EUR/USD forecast we noted that the currency pair tested the support of 1.11 as expected. The current technical situation suggested a possible bearish drive to parity. EUR/USD at 1.0 is likely a major psychological support and hence we may expect resistance. The extended bearish target would be 0.98 although this was very much uncertain for now. Resistance targets would have us aiming for 1.12 first.


Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair did edge lower towards 1.0. Having said so, as expected we noted significant support pressure.

The middle of the bollinger bands is likely to serve as an immediate resistance and it sits around 1.1065.

Should the continued bearish momentum achieve 1.0, we may be looking at 0.98. However as mentioned previously, bullish support may be of a challenge.

Fundamental Analysis

The fundamental situation remains largely unchanged. The U.S. economy and currency continue to receive positive expectations as the improved employment conditions and possible interest rate hike spurs investments.

On the other side of the spectrum, the Euro Zone continues to face pressure on its troubled economy. Political uncertainties also plague the region. The quantitative easing program by the European Central Bank is also fostering a weakening environment for the euro currency.

In the upcoming week, we need to focus on economic events that may tilt expectations. The European Central Bank president is due to talk and economic releases like the German ZEW economic sentiments and US federal fund rate may deliver unexpected developments.

Trade safely and do remember your proper money management.

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