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EUR/USD Forecast 23 Oct 12

 

Good day forex traders.

How is your trading so far? I hope that as the year end draws nearer, you are in for a party full of pips 🙂 Rumours have it that the new iPad mini will be announced later. What do you think about it?

In the previous EUR/USD reviews we noted that a bullish stance exist. Having said so much depends on the fundamental waves that drive price movements around.

 

EURUSD Chart

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above, we note a strong bearish correction underway. The strong support of 1.3 did not hold for long and the currency pair is approaching the support region of 1.2950.

The long red candles indicate strong momentum and hence my personal advice is to wait until the movement has stabilised.

The fundamental reason behind this is probably the cut by Moody’s of the ratings of five Spanish region. This was after the decision to keep the investment rating of Spain by the same agency last week. Investors are worried of a potential fallout from the Spanish budget deficit and hence are very sensitive to developments. Risk aversion is present.

 

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