Good day forex traders.

Welcome to a quick EUR/USD update. In the previous reviews we noted continued Euro Zone complications. China’s slowdown is also of concern. Technical analysis reveals the double resistance near the 1.24 region. Consolidation might be possible.

Source : ProRealTime

Looking at the EUR/USD chart above on the hourly time frame, does it seems bearish to you? Technically we may see the EUR/USD fall to the 1.2280 region again. The double resistance of 1.24 region remains unchallenged for now.

From a fundamental point of view, you may be wondering if anything improved about the Euro Zone to cause this mini rally. Honestly i don’t think so. Rather this is just one of those moments where traders just feel that the US outlook seems weaker for now. Do remember that most investors are sentimental and fickle.

Continue to monitor the economic releases.

Trade safely.