Good day forex traders.
Start of the new trading week and i hope you are off to a good start. Nothing beats having a bag of pips to drive away that Monday blues!
In the previous EUR/USD forex forecast review we noted on the dimming global economic outlook shared by a number of economists.
Looking at the EUR/USD chart above we note that the trading range today remains tight. The currency pair is right below the SMA 50 and the region of 1.32 which are both acting as an immediate resistance. Do pay close attention as the SMA 20 edges towards a crossover of the SMA 50. That may suggest possible bearish momentum.
The Federal Reserve Bank of New York President William C. Dudley was reported as saying that despite the US economy showing signs of growth, risks remains which includes higher oil prices, fiscal cuts and a depressed housing market.
A number of global equities markets including Europe are clocking loses as speculations are made regarding an overrun of the bullish rally.
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