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EUR/USD Forecast 3 July 12

 

Good day forex traders.

 

It is the second day of the new trading week and i wanted to provide some updates on the current market situation. The bullish climb last week was fast and furious and it remained to be seen if it would be sustained.

 

EURUSD Chart

Solution : ProRealTime

 

The EUR/USD has since drifted lower and it is now around the 1.26 support and resistance line. Should the S&R line fail, we may see the currency pair back at the 1.245 +/- region.

The Euro Zone unemployment has increased to 11.1% due to the economic strain. It was also reported that the IMF has lowered the US growth projection in view of the economy and Euro Zone budget deficit crisis. We are definitely not out of the woods yet and hence we must be prepared for such situations.

As we head into the US 4th of July holiday, do be careful of low liquidity market conditions.

Trade Safely.

 

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