Good day forex traders and forex koalas!
I wanted to provide the latest update on the EUR/USD and hence a big welcome to you. In the previous EUR/USD forecast we noted that the bearish momentum had brought the currency pair lower. However the doji on the last day of the previous trading week suggests that the bullish pressure is increasing.
Looking at the EUR/USD chart above we see a bullish recovery for now. The doji seen last week was indeed a sign of immerse counter pressure from the bulls towards the dominant bears. Having said so, the currency pair has yet established a hold on the consolidation region of 1.3320. Possibilities continue to factor a overall bearish sentiment targeting 1.3100.
As the markets await the Italian elections results, I suggest staying on the sidelines for now as we cannot be sure of any possible impact to the EUR/USD.