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Friday, 23 August 01:26 (GMT -05:00)

Foreign exchange market

Bitcoin and Euro Will Likely Go Down, NordFX

It's not a secret that currency exchange rate have been playing a key role in our lives for decades. In particular, those exchange rate determine inflation rates, consumer prices, and so much more. What is awaiting the international currency market this trading week?

NordFX experts offer you their vision of the situation based on the recently-made consensus forecast. So, this week, the economic situation around the globe - including the decisions made by the OPEC and international central banks - is not the only thing to keep in mind this week when analyzing financial markets. The thing is that it's Christmas, which is followed by New Year. This is the time when many traders and investors reduce their exposure to the market and go on vacation.
Anyways, when it comes to EUR/USD, 40% of the experts participating in the consensus forecast anticipate a bearish market. The shares of those who are neutral and bullish on the currency pair are now 30% each. As soon as the vacations are over, the currency pair is most likely to go down even faster - this is what 60% of the experts expect. The remaining share is equally distributed between those who expect a flat market and those who anticipate growth - 20% each.
With that being said, if the market actually goes down, the price is probably going to head for 1.1300, 1.1265, and 1.1215. If those support levels are broken, the price is likely to get even deeper own to 1.1120, and even 1.0910. On the other hand, if the price breaks above 1.1525-1.1625, the next bullish targets are going to be somewhere around the 1.1730-1.1815 area.
As for GBR/USD, 60% of the experts are bullish on the U.S. Dollar against the British Pound, which means they expect a downtrend in the market of GBR/USD.
When it comes to the Japanese Yen, most of the experts are inclined to expect USD/JPY to hit the bottom and reverse. The closest target is 112.30. 10% of them anticipate a flat market. The rest of them are bearish.
And finally, speaking about the cryptocurrency market, they anticipate a further downtrend. As for last week's rally, the experts call it a short-term phenomenon of purely speculative nature. In particular, they don't deny the likelihood of Bitcoin going down to $2,5-2,7K per coin. This prediction is backed by 70% of the experts.


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