Good day forex traders and koalas.

With the holiday season still around, trading should be on a risk managed basis. The uncertainty is high and hence the money traded should be only those that you can afford to lose if all goes bad. Risk averse folks should probably wait until next week.

Looking at the EUR/USD 4 hourly chart above we note that the forex gap has closed up and the currency pair is on a significant slide. With 1.3100 tested now, a breach may see us knocking at 1.3. This will be probably a major support to defend against the bears. Now something tells me that the markets are getting over the initial sense of relief for the US fiscal cliff deal and the worst may yet be over. Tomorrow brings us the crazy margin call Friday event. The US Non-Farm Payroll. Caution advised as usual.

Trade safely.

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EUR/USD Forecast 3 Jan 13

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