Good day forex traders and koalas.
How is everyone ? This week we pretty much see the EUR/USD floating around with weak momentum. There are a number of economic data due that many investors are waiting for before making further commitment to the market. For example the Euro Zone interest rate decision and the US Non-Farm Payroll.
Looking at the EUR/USD 4 hourly chart above I only have something to say. Sentiments, you got to love them and hate them ! With regards to the current strong bullish momentum, it seems that the investors are pleased that the interest rate for the Euro Zone remains.
Do note of the resistance and support levels such as 1.31 / 1.315. While such a move seems like a trend, one must not forget that it is primarily sentiment driven and hence pull backs may happen. Do not be caught without proper money management in case it is a fake break out.
Tomorrow is the US Non-Farm Payroll and hence please be careful.