Good day forex traders and readers.

Welcome to another EUR/USD forecast by The Forex Koala ! It is mid week and I hope you had already secured some pips for the weekend party !

In the previous EUR/USD review we noted on the volatility of the currency pair. The Euro Zone equities suffered a drop and China reported a drop in manufacturing.

Technical Analysis

Looking at the EUR/USD 4 hourly chart above we note that the currency pair continues to experience ranging momentum. From a technical chart pattern point of view, we may be seeing a possible head and shoulders pattern. If indeed so, we may see a test of 1.28.

Fundamental Analysis

It was reported that the IMF cut the growth outlook for China. As China is seen as an important factor for global economic growth, this may have some implication toward sentiments.

The unemployment situation in Germany was reported to be worst than expected. The Euro Zone is definitely not out of the woods yet.

Trade safely.

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EUR/USD Forecast 29 May 13

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