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EUR/USD Forecast 19 Sep 12

 

Good day forex traders.

 

It is mid week and i hope you have already bagged some pips by now. It is a pretty slow week so far and hence not much of a nasty surprise for now.

In the previous EUR/USD forecast we noted a slow but obvious bearish drift for the currency pair. Having said so we do have the strong support region of 1.3 ahead.

 

EURUSD Chart

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above we note that the currency pair is currently testing the 1.3 support line. I LOVE IT WHEN MY ANALYSIS WORKS!

Now now now. Do not presume that it will be a sure drop. 1.3 is usually a strong support. The markets probably need to see an adverse event before it happens. Regardless, nothing is impossible in forex and hence always have proper money management as a safe guard. If the 1.3 line really fails, we may see 1.28 next as an extended target.

There is nothing fundamentally exciting in the markets now and hence the price movement is slow. However we do have a tentative upcoming Spanish bond auction late week and the ECB President is due to speak too. Be careful of unexpected developments.

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