Good day forex traders.
I hope all is well with you so far in this new trading week. We have been seeing a rather bearish tone so far and i believe that will ease the trading complexity a bit eh? After all it is either up or down! HA.
The previous EUR/USD forecast continued to note on the technical and fundamental bearish bias.
Looking at the EUR/USD 4 hourly chart above we do see continued bearish momentum. The currency pair is currently testing the 1.27 line and earlier traded lower. We can see that the 1.27 was holding pretty well earlier but if bearish pressure continues, we may see 1.26 next.
It was reported that the German Investor Confidence unexpectedly declined. This report adds to the growing number of data suggesting that the German economy being affected by the ongoing Euro Zone budget deficit crisis. The European Commission earlier estimated that the euro-area economy will contract 0.4% this year. Next year will probably bring a 0.1% growth.