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EUR/USD Forecast 30 Oct 12

 

Good day forex traders.

 

It is the second day of the week and i hope everything is well with your trading. For folks affected by the storm, i hope everything is ok.

In the previous EUR/USD forecast, we noted bearish tests with the likely intent to push the currency pair further south.

 

EURUSD Forecast

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above, we note that the bulls are making an attempt to correct the currency pair. The EUR/USD just tested the top trend line of the short term bearish channel. Success in this attempt will very likely bring 1.3 and beyond into play. Nonetheless we cannot rule out a bearish return and this may send the currency pair back down to the 1.2890 region.

The economic event lineup is rather light for now due partly to the storm. After Europe closes, the volume may become lighter as parts of the US remains locked down. However do watch out for upcoming ones like tomorrow, German Retail Sales. Do keep in view that sentiments ultimately move prices.

 

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