Good day forex traders.
How is your forex trading so far? I hope you have made some green pips.
In the previous forecast we noted on the depressed sentiment towards the euro currency.
Looking at the 4 hourly chart above, we note that the currency pair is making lower highs. The general stance for now seems to be edging towards a bearish direction.
The US economic data so far are positive. Both CB Consumer Confidence and New Home Sales came out better than expected. These numbers are likely to continue putting pressure on the euro versus the Us dollar. We are expecting the US Federal Funds Rate event later. Caution is advised as there is always the risk of an unexpected development.