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EUR/USD Forecast 3 Aug 16

Good day forex traders.

Let us visit the EUR/USD for a quick update on the mid week progress.

We left the EUR/USD in a bullish stance in the weekly forecast and it is crucial to monitor the currency pair closely.

Looking at the EUR/USD 4 hourly chart, we observe a continued bullish momentum. With the currency pair being at the upper limit of the bollinger band, we may expect further bullish development in the short term.

It would be prudent to monitor the region of 1.12 as it may function as an area of influence. Pivoting may happen.

From a fundamental point of view, the Reserve Bank of Australia cut interest rate to 1.5%. This is probably encouraging risk appetite and hence the rise in riskier assets. ( euro currency for example )

The upcoming US Non Farm Payroll remains a critical event. Extreme caution is advised in view of possible unexpected volatility.

Trade safely.

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