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EUR/USD Forecast 17 Oct 12

 

Good day forex traders.

 

It is midweek and i hope you are having a fantastic week so far. May the pips be with you !

In the previous EUR/USD forecast we noted that the currency pair was on a bullish note. There was possibility of a triangle breakout and hence close observation was recommended. Immediate resistance was 1.3050.

 

EURUSD Forecast

Solution : ProlRealTime

 

Looking at the EUR/USD 4 hourly chart above we note that the triangle break out did happen indeed! The bullish note did carry on. I LOVE IT WHEN WE KOALAS ARE RIGHT ! WooT 🙂

We can see the bullish momentum facing some resistance now. Should the bullish pressure prevail, we may see the extended bullish target of 1.32.

The US new housing construction rose to a 4 year high and this brought about much optimism that the housing slump is behind. Demand for safe assets dropped and the markets are generally seeing increased take up of riskier assets.

There are also positive sentiments streaming in from the Euro Zone for now as Moody’s kept the rating of Spain. European Union leaders are due to meet in Brussels tomorrow and there is optimism that an agreement will be reached on more aid for Greece.

 

Do trade safely and consider a suitable trailing stop loss to protect your profit.

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