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EUR/USD Forecast 16 Oct 12

 

Good day forex traders.

 

I hope your week is good so far. Do remember that forex is not about becoming rich overnight. Slow and steady wins the race!

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.

 

EURUSD Forecast

Solution: ProRealTime

 

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.

 

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