Good day forex traders.
Second day of the trading week. Are you making money in forex? I certainty hope so 🙂
In the previous EUR/USD forecast, we noted the 2009 March low of 1.2450 +/- as a possible support. The upcoming Greek polls is probably swamping the markets with apprehension. While the talks of a common euro bond sounds promising, nothing concrete has happened so far as usual.
With the bank holiday in a number of countries at the start of the week, price movements were limited.
SMA 20 = Bearish
SMA 50 – Bearish
The currency pair continues to be drawn towards 1.26. Any bearish return must conquer the 1.2450 region first.
Economic experts continue to reiterate the dangers of a Greek exit from the euro zone. Due to the globally connected nature of modern trade, any fall out will not be confined to the euro zone only.
In another report, it was reported that due to the drop in high quality assets worldwide, US Dollar dominated assets are in high demand. This may further boast the currency’s value. With this, we can also presume that risk aversion remains elevated.
The US Non-Farm Payroll is due this week and hence you may want to plan your exposure accordingly due to the high risk.
Related Forex Articles from the Koala Forex Training College.