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EUR/USD Forecast 4 Oct 12

 

Good day forex traders.

 

The day before the risky US Non-Farm Payroll jackpot! Why do i call it a jackpot? Because trading during this session is very risky. Unexpected spikes may happen and hence many positions either close in profit or at a loss. There is no way to know which direction the currency pair may go hence your guess is as good as mine! HA !   Like a jackpot ! Either you lose your bet or be lucky enough to get a payout. Not my cup of tea i have to admit.

In the previous EUR/USD forecast, we noted tight trading. An immediate resistance lies in the 1.295 region.

 

EURUSD Chart

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above, we note that the currency pair broke the 1.295 resistance. It had since tested the 1.3 line and has since eased off. If 1.3 fails, the EUR/USD may test the immediate resistance of 1.305.

The European Central Bank ECB has decided to keep the current interest rate. It’s mention that it stands ready to start buying government bonds of the Euro Zone debt laden countries probably brought about increased risk¬†appetite. Many investors are encouraged by the actions of the ECB.

The US Non-Farm Payroll is due tomorrow and hence caution is advised.

 

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