Good day forex traders.

Welcome to another EUR/USD forecast update. It is mid week and I hope everyone is on track for a green week of pips.

In the update earlier, we noted that the upper trend line of the bearish channel was being tested.

Looking at the EUR/USD 4 hourly chart above we note that the currency pair has broken above the bearish channel. Having said so, the price action has since corrected and it is back at the 1.2950 region.

From a fundamental point of view, the better than expected German retail sales probably increased short term demand for the euro. However the Euro Zone unemployment which was revealed later was worst than expected. It increased to 11.6%. Over all this brings into highlight again the woes of the euro zone.

Tomorrow brings about a holiday for a few euro zone countries. In the meanwhile monitor the EUR/USD for reactions to 1.2950.

Trade safely

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EUR/USD Forecast 31 Oct 12

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