Good day forex traders.
Welcome to another forecast of the EUR/USD. With the trading week almost over, i hope everyone is on track to end with a harvest of pips!
Recently the developments streaming out of the Euro Zone had been disappointing and the market sentiments were negative.
Solution : ProRealTime
Looking at the EUR/USD hourly chart above, we noted a big spike to the upside. Earlier, the European Central Bank ECB President Mario Draghi mentioned that officials will do whatever it takes to preserve the 17 nation currency. The markets generally took this as a suggestion of possible future easing and hence sentiments were improved.
The current price region of 1.23+ served as an area of consolidation previously and hence we should monitor closely. I expect any negative development to send the currency pair down on it’s way again.