17.09.201310:24 Forex Analysis & Reviews: EUR/USD. Forecast for September 17, 2013

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

After cheering announcement made by Lawrence Summers on Sunday, data on US Industrial Production in August was strong and the US dollar started slowly reversing to the starting points.

Today at 13:00 UTC+4 relevant data on Germany and the eurozone is issued. ZEW Economic Sentiment in September is estimated to be 45.3 vs. 42.0 in August; ZEW Survey (Econ. Sentiment) is expected to be 47.2 vs. 44.0 in August. Current Account in the Eurozone in July is forecast to be 15.3 billion euro vs. 14.9 billion in June. Taking into account weak data on Industrial Production in the Eurozone published last week, we consider the expectations on Economic Sentiment are rather overrated. We expect the data will be lower than forecast and the euro will decline.

The first bearish target is the low of August 22, 1.3297; the second is support of trend line on the daily chart, 1.3265.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.