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EUR/USD Forecast 10 Jun 13

Good day forex traders and readers.

Welcome to another EUR/USD weekly forecast review. The currency pair has recently been rather unpredictable and I hope all is well with your forex trading.

In the previous EUR/USD forecast we noted a bullish stance for the week. 1.3200 was a possible bullish target identified. Speculations of a continued US Federal Reserve quantitative easing probably spurred risk taking activities.


Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair did achieve the 1.32 target as mentioned!

The 1.3280 region is the immediate resistance and a failure to breech this might lead us back down towards 1.3180 and then 1.3080. Pay attention to the EUR/USD’s stance tomorrow to gain possible suggestions for the new week.

Fundamental Analysis

The latest US Non-Farm Payroll report had been released and there are probably two ways to look at it. The first would be the better than expected gain in employment which continues to cement the sentiment that the US is progressing from strength to strength. This will probably lead to risk taking sentiments. Secondly with the unemployment rate creeping up to 7.6%, investors worried about a termination of economic stimulus by the US Feds would probably be relieved as the threat of unemployment remains.

Euro Zone interest rate was unchanged and it was reported that the ECB president signaled optimism towards the euro area which he believes will return to growth by the end of the year. This probably contributed towards the positive sentiments regarding the EUR/USD.

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