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EUR/USD Forecast 2 Aug 12

 

Good day forex traders.

In the previous EUR/USD forecast we noted a gentle rising short term trend. The US ADP Non-Farm Employment Change was better than expected and that provided some bullish relief to the currency pair.

 

eurusd chart

Solution : ProRealTime

 

Looking at the EUR/USD chart above we note that the EUR/USD has broken down. It is now testing the 1.2200 region and if this support breaks down, we may see the extended target of 1.2 region.

It was reported that investors were disappointed by the outcome of the ECB meeting. Draghi was reported saying that there was severe malfunctioning in the region’s debt markets but did not announce concrete measures to tackle this problem. What is happening now is basically an undoing of the bullish spike created when Draghi said that officials would do whatever it takes to preserve the 17 nation currency.

Please trade safely as the US Non-Farm Payroll is due tomorrow.

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