Good day forex traders and readers.
We are past the mid week mark and I hope your forex trading is good so far. Remember slow and steady wins the race 🙂
In the previous EUR/USD forecast we noted that the currency pair was bearish for the week. I cautioned that 1.22 might offer significant support and hence it was prudent to observe the price action in this region. Any bullish correct would no doubt target 1.24.
Looking at the EUR/USD daily chart above we note that the currency pair did indeed corrected and took out the bullish target of 1.24.
It is currently impossible to tell if this is an end to the bearish momentum but do understand such reversals are common and may just be noises in the bigger scheme of things.
1.24 is now the immediate support and the current price level near 1.248 is an immediate resistance too.
Nothing has changed fundamentally for now and hence from a fundamental point of view the current price action is merely a temporary correction. The U.S. Dollar remains to be poised for an interest rate hike while the euro faces possible quantitative easing.
For readers who are willing to take a risky trade, current level seems like a possible position for a shot at selling the EUR/USD. Having said so as nothing in forex is 100% , be mindful of an actual change in trend and have proper money management.
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