Good day forex traders.
Almost the end of the trading week and i hope you have great news for me 🙂 I was out for most part of the week due to the elections but i bagged a short position for this week. A handful of pips but i am contented 🙂
In the previous EUR/USD forecast we noted bearish pressure. The fundamental situation was also negative.
Solution : ProRealTime
We note a losing battle of the immediate support 1.2750 based on the EUR/USD 4 hourly chart above. If the support fails, the immediate target will be 1.27. In the meanwhile i plotted possible upper and lower limits for the short term.
From a fundamental point of view, the negative sentiments continue to flow out of the Euro Zone. The ECB president was reported saying that the economic growth would remain weak. Coming increasingly into the attention of the markets is the expected upcoming breach of the US debt limit. Apprehension is high regarding the actions taken to avoid a fallout from this. Risk aversion is probably strong.