Good day forex traders.

It is almost the end of the trading week and i hope everyone is on track to a green week!

In the previous EUR/USD forecast we noted that the currency pair had rallied again to levels at the beginning of the week. An European Union official mentioned on the intention to seek common political grounds with regards to the Greek bailout and that brought about relief.

Solution : ProRealTime

The EUR/USD hourly chart above indicates that a short term bullish trend is in play and is seeking to test the 1.27 resistance.

While the G20 pledged to take all policy measures to combat the Euro Zone budget deficit crisis, the markets were probably not impressed due to the apparent non existent of a track record.

The markets remains pretty much subdued as anticipation builds up regarding the possibility of any additional stimulus by the US Federal Reserve. The FOMC statement due later will be closely monitored.

The S&P 500 has been on a somewhat bullish path since the beginning of the month. This suggests that risk aversion may not be catastrophic as of now.

Trade Safely.

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