EUR/USD Forecast Oct. 26-30/10/2015
EUR/USD totally collapsed after Draghi hit it hard. Will it be able to stage a recovery or does it have lots more to fall from here? An important German survey and inflation numbers stand out. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
Expectations were high for the ECB meeting and Draghi easily leaped over them, over-delivering on thick hints: from expanding and extending QE through opening the door for a rate cut and also some skills, such as the use of the word “vigilant”. This resulted in a crash worth over 300 pips that lasted well over a day and pierced through uptrend support. The dollar also enjoyed some back wind from better home sales and jobless claims. Good euro-zone PMIs only temporarily helped the euro.
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