Good day forex traders.
Firstly i would like to apologize as today’s EUR/USD Review is rather late. As much as i want to, i could not find time until now. It is very late for me local time but i still want to do and this quick update for all.
Yesterday saw the apparently good economic data streaming out of the US providing some relief to the markets. I reminded that we must always consider both sides of the coin when doing our analytical research. In the meanwhile, Spain continues to draw attention due to her problems with the banks etc.
Looking at the EUR/USD, after hitting a low if 1.2200, the pair shot up and reached for the skies.
Over all, commodities and equities seem to be risking.
The Asian power house speaks!
China said that it will continue to be a long term investors of the Euro Zone. This comment probably brought relief for investors.
From a technical point of view, 1.2200 remains a strong support. Should the bullish momentum continues, we may see 1.24/1.2440. The longer term chart also brings the trend line for the H4 down to 1.2440 and it is lurking around.
Watch out for the news tomorrow and trade safely.