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EUR/USD Forecast 18 May 15

Good day forex traders and readers.

Welcome to our weekly forecast of the EUR/USD. This currency pair remains the most popular traded pair!

In the previous EUR/USD forecast we noted that currency pair did push further due to the bullish uplift. It tested the 1.14 region as expected in our forecast and had since eased off to the 1.12 resistance and support region. This was expected too from our previous forecast. 1.12 might function as a pivot with bullish momentum targeting 1.14 again.

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Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair did indeed achieve the bullish target of 1.14. Once again congratulations to our readers. While our forecasts are right on the dot recently, it is my responsibility to remind you that forex is never 100%. Always practice proper money management.

It is crucial that we see a clean break from the 1.14 region before expecting any further bullish momentum. The next major target is likely to be 1.16.

Any bearish recovery is likely to target 1.12.

The current price action is in the region of the middle bollinger band and hence we need to be mindful of any effect on the currency pair.



Fundamental Analysis

As mentioned in the AUD/USD forecast, the sentiment towards the U.S. Dollar is suffering an impact due to the weaker than expected economic data. Inflation is not as high as hoped and a number of analysts believe that this is likely to shape the decision of the US Federal Reserve to hike interest rate.

Over in the Euro Zone, there is growing consensus that a floor of sorts have been reached and that prices can only pick up now. Having said so caution is advised as the tough stance taken by the Greek government may plunge the region into financial turmoil in the event of any adverse development.

Monitor the upcoming week’s economic data releases. Critical events such as German ZEW Economic Sentiment and US FOMC meeting minutes are expected.

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