Good day forex traders.

We are moving close to the end of the week and exit plans if required should be considered by now. As mentioned always, I feel that positions should not be left over the weekend unless it is of a long term basis. This is due to the risk of changing expectations due to unexpected events over weekends causing a possible forex gap.

Looking at the EUR/USD 4 hourly chart above we note that the currency pair has shifted to the upper limits of the price action.

The current region is a resistance region. If the EUR/USD manages to push ahead, we are likely to see the range settling between 1.112 to 1.118.

I would expect the supports to fall around the middle and lower bollinger bands.

There is increasing opinion that the risk of a contagion from the Brexit event is waning. Positive employment data from Australia is probably also fueling risk appetite. During such situation, typical safe haven asserts such as the US dollar usually receive selling pressure.

Trade safely.

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EUR/USD Forecast 14 July 16

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