Good day to everyone.
Welcome to another quick update on the EUR/USD. In the previous forecast i advised a wait and see approach due to the numerous economic data releases and the US Non-Farm Payroll. The markets were tense and the trading range was light.
Looking at the EUR/USD 4 hourly chart, we note that the trading remains light and narrow as expected. I LOVE IT WHEN MY ANALYSIS WORKS 😛
There is an immediate support at the 1.295 region as seen above.
China reported weaker than expected economic data and this probably drained out most risk appetite. Australia reported much worst than expected trade balance and this meant that exports dropped. Being an export driven economy, this does not go in favor of Australia.
As the end of the week approaches, do consider your risk exposure ahead of the US Non-Farm Payroll.