Forex Guides

EUR/USD Forecast 18 Jun 13

Good day forex traders and readers.

Second day of the trading week and I hope all is well so far.

In the previous EUR/USD forecast we noted that the immediate resistance was 1.3380 and that risk appetite was well due to speculations that the US Federal Reserve would retreat from the suggestion of tapering quantitative easing.


Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair is currently testing the 1.3380 resistance. Should the resistance fail, we would be looking at an extended bullish target of 1.3480.

Any bearish pressure would send the currency pair back down towards 1.3240.

From a medium term perspective, the EUR/USD remains bullish as seen from the strong climb in the daily chart.

Fundamental Analysis

The German ZEW Economic Sentiment came in slightly better than expected and the markets probably found this encouraging as Germany is the largest economy of the euro zone.

Earlier on in the G8 meetings, it was mentioned that the worst for the global economy was over.

Caution is advised as investors are mainly waiting to see the outcome of the FOMC meeting before making a conclusion.

Trade safely.

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