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EUR/USD Forecast 29 Oct 12

 

Good day forex traders.

 

Did you read the previous EUR/USD update hours ago? As expected the bearish dip occurred moments after the update. This is a home run indeed. I guess many forex koalas bag a good amount of pips! Having said so, forex is very unpredictable and hence i won’t count on such crystal ball predictions. Neither should you 😛

 

EURUSD Forecast

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above, we note that the currency pair is bearish in a short term basis. 1.2890 remains an immediate support of sorts. The current test of the region was seen on last Friday and hence we can guess that the bears really want this to go down.

Over at the Euro Zone, Spain continues to delay the request of a full bailout and Italy seems to be becoming more implicated with the thoughts of the budget deficit crisis. Spain’s joblessness was reported to have hit 25%. This is a very high unemployment rate.

Monitor the immediate support closely. A failure of 1.2890 will probably open up 1.28 as a bearish target.

 

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