Good day forex traders and readers.
Welcome to another EUR/USD forecast by yours truly the Forex Koala!
How is your trading these days? I hope it is good. For me, I recently spend more time on the sidelines because I hate it when I do not see a trend. I am a trend trader usually and short term trading or even scalping usually shakes the koala in me.. Ha!
Looking at the EUR/USD daily chart above ( I zoomed out to view a longer period of time ) , we can see that the previous bearish trend is over for now. It is good to zoom out periodically so as to get our perspective right.
I see the 1.3 line as a support of sorts and I will be looking out for higher lows so as to establish the possibility of a bullish trend. Having said so, there is nothing to stop the market sentiments from pushing the EUR/USD down below 1.3. Hence the art of forex is not to predict the future but rather follow the present 🙂
The current ranging uncertainty of the EUR/USD matches the fundamental sentiment. The US Federal Reserve remains undecided of the ongoing quantitative easing and the Euro Zone faces a possible interest rate cut due to continued issues caused by budget deficits.