Good day forex traders.
Welcome to a quick update on the EUR/USD. Previous reviews saw a drift lower by the currency pair due to economic concerns on both sides of the Atlantic. A usually strong support ( 1.28 ) lies right below and hence many traders are on a lookout.
Looking at the EUR/USD 4 hourly chart above we note that the currency pair is on a bullish note since the start of the week.
While many inexperienced traders may see this as a sign of bullish pressure, i would prefer to adopt a wait and see approach. The US Non-farm payroll is due at the end of the week and there are many economic data releases due this week too.
The current upwards climb is probably due to reports that the US Federal Reserve Chairman defended the bonds purchase stimulus measures.