Good day forex traders.
I love counting down the days of the week! Time waits for no one and we must always grab the best opportunities in life .. forex included!
In the previous EUR/USD forecast we noted that the currency pair initially rose but ended drifting lower. Global economies continued to show signs of a slow down and China reported a lower than expected imports.
From a technical point of view, trading is confined into a tight range. While the currency pair can go either ways should nothing fundamental changes, we will probably see further bearish pressure. The extended target for the EUR/USD is 1.2. Having said so, 1.22 is the immediate support.
With the FOMC Meeting Minutes due in a few hours, trading activities may be limited as traders await the release for any possible clues of policy actions. Many analysts speculate that further easing is probably needed.
Monitor the release later and watch the reaction if any.
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