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EUR/USD Forecast 18 Sep 12

 

Good day forex traders.

 

Welcome to a quick update on the EUR/USD.

In the previous forecast, we noted a bullish rush and the EUR/USD nearly touched the 1.32 line. The markets were satisfied with the recent developments and hence risk appetite increased.

 

EURUSD Chart

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above, we note that the currency pair is slowly drifting downwards. As it approaches the 1.3 support region, do monitor closely. There is no strong reason for a reversal for now and hence one must not presume.

From a fundamental point of view, the outlook remains relatively bright with the recent ECB plans to buy bonds, quantitative easing 3 by the US Federal Reserve and the non rejection of the ESM fund by the German courts.

 

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