Good day forex traders.
Welcome to another EUR/USD forecast by The Forex Koala! Masoud is busy today and hence here i am to provide everyone a quick update.
Over the weekend, i mentioned of a possible technical triangle squeeze setup. Fundamental conditions remain uncertain and the Euro Zone still faces the risk of further complications of the budget deficit crisis.
Solution : ProRealTime
Looking at the 4 hourly chart of the EUR/USD above, we noted that the technical triangle squeeze setup is still a possibility as the price action remains narrow and bounded by the upper and lower limits.
There was an unverified report that the European Central Bank ECB is considering setting yield limits on the euro area bonds as part of the measures to contain the Euro Zone budget deficit crisis. This could be announced as soon as early September. There are meetings among the French, German and Greek leaders this week too and hence one must be careful of any unexpected developments.
Always remember your proper money management.