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In the previous EUR/USD forecast Masoud was still bullish on the currency pair. Having said so there were still concerns regarding Greece, Spain and the Euro Zone budget deficit crisis.
Looking at the EUR/USD daily chart above we do note that the currency pair is now on a bullish note. It is now above the 1.3 line.
The technical trend lines above suggest a triangle breakout. Having said so, do observe closely to see if the immediate resistance of 1.3050 fails.
On a fundamental note, German investor confidence was reported to have gained for a second month in October. That were speculations that the European Central Bank’s plan to buy government bonds could curb the sovereign debt crisis.
Increased speculations that Spain may request for a bailout soon is also fuelling risk appetite for now.