Good day forex traders.

Welcome to our daily quick update of the EUR/USD. In the previous forecast we noted that the EUR/USD slided lower. The negative outlook of the IMF weighted down on sentiments. Risk taking activities were reduced as a result.

Solution : ProRealTime

Looking at the EUR/USD 4 hourly chart above, we note that the 1.285 held and the currency pair has since recovered and corrected above 1.29.

It was reported that S&P downgraded Spain by two notches and has placed the country on a negative outlook. This brings the country’s bonds closer to junk status and there is cause for concern. While many expected a reaction from the markets, it seems to be mulled for now. A drop in jobless claims of the US to a four year low probably helped maintain sentiments.

Be careful as we head towards the end of the week.

Trade Safely.

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EUR/USD Forecast 11 Oct 12

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