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EUR/USD Forecast 1 August 12

 

Good day forex traders.

I wanted to provide a quick update ( based on the vote at the home page, majority wants “frequent but less detailed updates” ) on the EUR/USD.

In the previous forecast we noted narrow trading.

 

eurusd

Solution : ProRealTime

 

Looking at the chart of the hourly EUR/USD above, we can note a gentle rising short term trend. Immediate support would be the region of 1.2330. Any down trend will need to breech the green support line first.

US ADP Non-Farm Employment Change was better than expected and this may bring some optimism back to the markets. The FOMC statement and US interest rate decision is due soon and caution is advised.

Trade safely.

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