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EUR/USD Forecast 23 Jan 13

Good day forex traders.

Welcome to another EUR/USD forecast by The Forex Koala ! I am very happy as our forum is getting more active. The beauty of it is that with so many participants, we can to learn and share our views.

In the previous EUR/USD forecast we noted that the bearish and bullish targets are 1.3280 and 1.3400 respectively. Any sustained trend would need to see either target taken out.


Looking at the EUR/USD 4 hourly chart above we do note that the forecast was correct. The currency pair remains bounded by the support of 1.3280 and resistance of 1.3400. I love it when my charts work! Ha! My forecast remains that we need to breech either one decisively before expecting more momentum.

Over in the forums, Masoud mentioned of the possibility of a triangle. A good observation, this may means a possible breakout.

Fundamentally we continue to see the relative calm over the Euro Zone. Bonds of Spain performed well suggesting confidence. Tomorrow brings us manufacturing data and hence we need to monitor the developments.

Do visit our forums to discuss on the EUR/USD currency pair and view the many tips!

Trade safely.

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