EUR/USD Forecast 29 Jan 13
Good day forex traders and koalas.
Welcome to another forecast of the popular EUR/USD. Hope you are doing well for the week so far.
In the previous EUR/USD forecast we noted the resistance of 1.3480 for any bullish momentum. We also noted the relative calm of late regarding the Euro Zone. Sentiments were improving. Confidence was high in Germany and equities for the region were generally good.
Looking at the EUR/USD 4 hourly chart above we note that the 1.3480 resistance held and the currency pair is testing it again. I LOVE IT WHEN MY CHARTS WORK ! Again do note that if the resistance is breached, we may see 1.36 next. Any bearish correction will see the EUR/USD falling to 1.3400 first.
The economic data released so far was mixed. As we head towards midweek, crucial data such as the ADP Non-Farm Employment Change and FOMC statement release will have a high potential to move the EUR/USD. The highlight of the week is without doubt the US Non-Farm Payroll. Traders will be looking out for information to show if the employment market is still improving.
A number of experts have mentioned that the EUR/USD will need more positive developments to gain the traction to push higher. An area of concern would also be the Euro currency getting too strong for the good of the Euro Zone exports.