Forex Guides

EUR/USD Forecast 7 Dec 11

Good day forex traders.

Today, i would like to take a quick look at the EUR/USD in a shorter time frame. Remember the red lines that i used to show you on my EUR/USD charts? These are support and resistance lines that i identified by studying a few years worth of charts of the EUR/USD. Often, the currency pair reacts at those regions and it is good to use for a short term EUR/USD forecast.

Looking at the EUR/USD chart above, we note that it is currently making lower peaks. Having said so, the immediate support region would be the 1.3360 region followed by 1.3285. With meetings due at Brussels for the next two days, many investors and traders would be looking out for the efforts of the German and French leaders to solve the crisis. An area to lookout for in the event of a bullish breakout would be the 1.3550 region.

It is important to note that sentiments currently seemed mulled as the S&P 500 equity index is clocking losses for now.

Trade Safely.

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