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EUR/USD Forecast 9 May 13




Good day forex traders.

It is almost the end of the trading week and I hope all is well so far. Proper money management in forex is definitely crucial and I hope you do practice it!

In the previous EUR/USD forecast I spoke about the bollinger bands and how it would affect the currency pair. Furthermore the US Non Farm Payrolls results would probably provide good sentiments for the markets.

20130509-233752.jpg

Indeed so, the bollinger bands remain reactive to the price action as seen from the EUR/USD daily chart above. The currency pair is also making higher lows so far and remains a sign of positive sentiments as mentioned in the previous EUR/USD forecast.

The current price action has some makings of a squeeze as the range gets smaller and hence caution is advised. Pay close attention to see if a higher high would be created.

Do be careful as it is Friday tomorrow and unexpected spikes may happen due to traders closing their positions.

Trade safely.

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