Euro Weekly Forecast: EUR/USD Gains May Be Limited, EUR/GBP Eyes Boe Decision

Date

5/4/2024 4:30:15 AM

(MENAFN- DailyFX) orecast: EUR/USD Gains May be Limited, EUR/GBP Eyes BoE Decision Skip to Content

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here , or by following the link at the bottom of any page on our site. See our updated Privacy Policy here .

Search Search results No entries matching your query were found.

Englis
日本

- Market Overview
- Real-time News
- Economic Calendar
- Market Themes
- EUR/USD News
- Gold News
- Oil - US Crude News
Recent Market News Headlines
May 3, 2024 US Dollar Slumps After NFPs Miss Expectations, US Equities Bid May 3, 2024 Euro Gains Again As Risk Appetite Holds Up Into Key US Payroll Release May 3, 2024 Market Update – Apple Soars, Gold Struggles, USD and VIX Slip, Sentiment Positive Ahead of NFPs
Free Guide

Introduction to Forex News Trading
- Technical Analysis
- Analyst Picks
- Forecasts
- Market Outlook
- DailyFX TV
Recent Trading Strategies Headlines
May 4, 2024 Euro Weekly Forecast: EUR/USD Gains May be Limited, EUR/GBP Eyes BoE Decision May 3, 2024 British Pound Weekly Forecast: BoE Policy Call Tops The Bill May 3, 2024 AUD/USD IG Client Sentiment: Our data shows traders are now net-short AUD/USD for the first time since Jan 03, 2024 when AUD/USD traded near 0.67.
Free Guide

The Fundamentals of Range Trading
- EUR/USD
- GBP/USD
- AUD/USD
- USD/JPY
- All currencies
- Major currency pairs
Recent Currencies Headlines
May 4, 2024 Euro Weekly Forecast: EUR/USD Gains May be Limited, EUR/GBP Eyes BoE Decision May 3, 2024 British Pound Weekly Forecast: BoE Policy Call Tops The Bill May 3, 2024 AUD/USD IG Client Sentiment: Our data shows traders are now net-short AUD/USD for the first time since Jan 03, 2024 when AUD/USD traded near 0.67. May 3, 2024 US Dollar Slumps After NFPs Miss Expectations, US Equities Bid
- Oil - US Crude
- Gold
- Silver
- Natural Gas
- All commodities
- Major commodities
Recent Commodities Headlines
May 3, 2024 Market Update – Apple Soars, Gold Struggles, USD and VIX Slip, Sentiment Positive Ahead of NFPs May 3, 2024 Sentiment Analysis & Outlook: Gold at Risk of Correction, EUR/USD & USD/JPY Mixed May 2, 2024 US Dollar on Tenterhooks Ahead of US Jobs Data; Setups on GBP/USD, EUR/USD May 2, 2024 Crude Oil Bounces As Market Eyes Strategic Reserve Top Up, US Payrolls
- Wall Street
- US 500
- US Tech 100
- FTSE 100
- All stocks
- Major stock indices
Recent Stocks Headlines
May 3, 2024 US Dollar Slumps After NFPs Miss Expectations, US Equities Bid May 3, 2024 FTSE 100 on Track for yet Another Record High while Dow and S&P 500 Recover May 2, 2024 Dax Moves Higher, Nasdaq 100 quiet, while Hang Seng Roars to New 2024 high May 2, 2024 US Dollar Outlook Post Fed Decision: EUR/USD & GBP/USD - Technical Analysis
- Bitcoin
- Ethereum
- Litecoin
- All cryptocurrencies
- Major cryptocurrencies
Recent Cryptocurrencies Headlines
Apr 15, 2024 Bitcoin (BTC), Ethereum (ETH) Rally on Hong Kong Spot ETF Approval Rumors Apr 8, 2024 Bitcoin (BTC) Nears New All-Time High as Halving Event Looms, Coinbase (COIN) Benefits Apr 3, 2024 Market Q2 Forecasts: US Dollar, Gold, Euro, Oil, Bitcoin, Yen, Equities Outlooks Mar 31, 2024 Markets Q2 Outlook: Gold, Stocks, Bitcoin, US Dollar, Euro, Pound, Yen. What's Ahead?
- Rates
- Earnings Calendar
- Sentiment
- DNA FX
- Economic Calendar
- Live Chart
- Support & Resistance
- View All Tools
Free Guide

How to Use IG Client Sentiment in Your Trading

Trading Tools

Rates
Live forex rates at a glance

Earnings Calendar
Keep track of companies that are about to announce their earnings

Sentiment
Discover who is going long and short

DNA FX
Check what kind of trader you are

Economic Calendar
Explore key global events on the horizon

Live Chart
Latest price data across forex and major assets

Support & Resistance
View S&R levels for forex, commodities and indices

View All Tools
Economic Calendar
13:20:00 Medium Fed Cook Speech() Actual Forecast PreviousRevised
18:20:00 Medium Fed Cook Speech() Actual Forecast PreviousRevised
23:50:00 Medium Foreign Bond Investment(Apr/27) Actual Forecast PreviousRevised ¥648.1B
01:45:00 Medium Caixin Services PMI(Apr) Actual Forecast PreviousRevised 52.7

Economic Calendar
Earnings Calendar
Central Bank Calendar

FOMC
ECB
BOE
BOC
Free Trading Guides

Forex for Beginners

Traits of Successful Traders

Cryptocurrency Trading
View All
Free Trading Guides
- Trading Courses
  - Forex Trading Basics
  - Understanding the Stock Market
  - Commodities Trading
  - Forex for Beginners
- Free Trading Guides
- Trading Research
- Company
- Authors
- Contact
- English
- 日本語
Select Live Webinar Events0 Economic Calendar Events0
Notify me about

H
High
M
Medium
L
Low
Host: Duration: min 08:26:23 widgets/economicCalendar._abbr () Actual Forecast PreviousRevised EUR/USD Bullish
14h Last updated:May 3, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Euro Gains Again As Risk Appetite Holds Up Into Key US Payroll Release 2024-05-03 11:30:41 Sentiment Analysis & Outlook: Gold at Risk of Correction, EUR/USD & USD/JPY Mixed 2024-05-03 01:20:00 Oil - US Crude Bearish
14h Last updated:May 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Crude Oil Bounces As Market Eyes Strategic Reserve Top Up, US Payrolls 2024-05-02 12:00:26 Oil Prices Drop after US Employment Data Lifts USD, FOMC Next 2024-04-30 17:00:12 Wall Street Bullish
14h Last updated:May 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News FTSE 100 on Track for yet Another Record High while Dow and S&P 500 Recover 2024-05-03 10:00:37 FTSE 100 Bucks the Trend and Remains Bid amid Jittery Dow and S&P 500 ahead of FOMC 2024-05-01 12:00:00 Gold Mixed
14h Last updated:May 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Market Update – Apple Soars, Gold Struggles, USD and VIX Slip, Sentiment Positive Ahead of NFPs 2024-05-03 07:49:08 Sentiment Analysis & Outlook: Gold at Risk of Correction, EUR/USD & USD/JPY Mixed 2024-05-03 01:20:00 GBP/USD Mixed
14h Last updated:May 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar on Tenterhooks Ahead of US Jobs Data; Setups on GBP/USD, EUR/USD 2024-05-02 17:00:00 US Dollar Outlook Post Fed Decision: EUR/USD & GBP/USD - Technical Analysis 2024-05-02 02:05:00 USD/JPY Bearish
14h Last updated:May 3, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Market Update – Apple Soars, Gold Struggles, USD and VIX Slip, Sentiment Positive Ahead of NFPs 2024-05-03 07:49:08 Sentiment Analysis & Outlook: Gold at Risk of Correction, EUR/USD & USD/JPY Mixed 2024-05-03 01:20:00 MoreView More

Heads Up: Fed Williams Speech due at 23:45 GMT (15min)
Monetary Policy Inflation Recession More
Share:
What's on this page

EUR/GBP Daily Price Chart
EUR/USD Daily Price Chart

Euro Weekly Forecast: EUR/USD and EUR/GBP

A lack of any important data or events next week will leave the Euro vulnerable.
EUR/USD fading the NFP rally, eyes trend support.

Our Q2 Euro Fundamental and Technical Forecasts are available to download for free:
Recommended by Nick Cawley Get Your Free EUR Forecast Get My Guide
US Dollar Slumps After NFPs Miss Expectations, US Equities Bid
A sharp move lower in the US dollar after the latest US Jobs Report is being retraced as concerns that US inflation will remain elevated continue to dominate USD price action. The latest US ISM services release showed US growth slowing, while prices paid jumped higher. The services PMI fell to its lowest level in two years, while prices paid jumped to a three-month high.

A lack of any notable EU data releases or events next week will leave the Euro vulnerable to moves in other currencies. In the UK the Bank of England will announce its latest policy decision on Thursday 10th at 12:00 UK with all policy dials expected to be left untouched. There may be a shift in voting patterns with more members voting for a rate cut , a move that would weaken the British Pound . The BoE will also release its latest Quarterly Inflation and Growth reports.
This week, EUR/GBP has pulled back some of its recent losses and broken back above the 20- and 50-day simple moving averages. The next level of resistance is seen at 0.8600 before the 200-day sma comes into play at 0.8603. Above here, 0.8620 and 0.8645. A move lower sees support at 0.8550 and 0.8520.
EUR/GBP Daily Price Chart
EUR/GBPBullish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-22%	29%	-8%
Weekly	-14%	21%	-3%

What does it mean for price action? Get My Guide

The US economic calendar is also light next week, although markets can expect a flurry of Federal Reserve speakers after this week's FOMC decision and NFP release. Interest rate differentials between the Euro and the US dollar will continue to be watched closely with the ECB fully expected to start cutting rates at the June policy meeting.

EUR/USD remains within an upward trending channel, but this could easily turn into a negative bear flag if the pair breaks trend support. A longer-term trend of lower highs and lower lows is still in place with a break below 1.0600 seen as the next negative signal. Before then, trend support, the 20-day sma, and a prior swing low of around 1.0700 will act as first-line support. Rallies will find initial resistance between 1.0780 and 1.0795 before a gap up to 1.0885.

Learn how to trade EUR/USD like a professional with our complimentary guide

Recommended by Nick Cawley How to Trade EUR/USD Get My Guide EUR/USD Daily Price Chart

Retail trader datashows 47.54% of traders are net-long with the ratio of traders short to long at 1.10 to 1.The number of traders net-long is 9.02% lower than yesterday and 5.35% lower than last week, while the number of traders net-short is 18.22% higher than yesterday and 17.35% higher than last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise.

What is your view on the EURO – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .

MENAFN04052024000076011015ID1108172820

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.