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EUR/USD Forecast 5 Sep 12

 

Good day forex traders.

 

It is mid week and i hope you are half way on the journey to having a week in green! May the pips be with you YaY!

In the previous EUR/USD forecast i mentioned that due to the apprehension and technical resistance line, we might see a narrow trading range. 1.26 remains strong and was capping any bullish price action.

 

EURUSD Chart

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above, the price action is still testing the resistance of 1.26 . As the ECB minimum rate decision draws near, apprehension will probably increase. It is speculated that an interest rate cut may happen due to the ailing European economy. Many investors also believe that the ECB will announce plans to buy bonds as a means to stabilise the Euro Zone. As of all speculated developments, do plan your trades carefully so that if an unexpected development occurs, your risks are manageable.

Trade safely.

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