Forex Guides

EUR/USD Forecast 8 Sep

Good day forex traders and readers.

How was your EUR/USD trading? The previous forecast was right on target and many readers wrote in to celebrate with us! Hope it was the same for you too.

In the previous EUR/USD forecast we noted that the currency pair had dipped further. It was beyond the 1.32 support line and hence there was probably bearish bias. The bollinger bands were also suggesting a bearish technical pressure with its downwards gradient.

The next probable bearish target was 1.3.


Technical Analysis

Looking at the EUR/USD weekly chart above we note that the currency pair continued on it’s bearish momentum and we achieved the 1.3 target.

While the technical situation calls for further bearish momentum, do be careful for any pullback. I am looking at a bearish target of 1.28 and a pullback target of 1.3. The EUR/USD is bearish for 8 weeks now.

Fundamental Analysis

The European Central Bank has cut rates further and this inevitability will affect the sentiment towards the euro currency. Many investors are speculating that the ECB is on a path towards quantitative easing and are concerned if the euro economy will continue to deteriorate.

The US Non-Farm Payroll released last week was not as good as expected but nonetheless it remains positive and hence this is probably a pull affect for investors. Many see the US as having weathered out the economic pullback of 2008 and is now picking up momentum.

Next week continues to bring us more economic data and hence do ensure proper money management is practiced. I will be looking out for critical information like US unemployment claims and retail sales.

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