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EUR/USD Forecast 9 Oct 12

 

Good day forex traders.

 

Welcome to a quick update on the EUR/USD. In the previous forecast we noted that the currency pair might still be bullish but a check on developments when the trading week starts would be wise. There was nothing spectacular fundamentally to boast the sentiments.

 

EURUSD Chart

Solution : ProRealTime

 

Looking at the EUR/USD 4 hourly chart above we note that since the new trading week started, the currency pair has been sliding lower. The small rally from the US Non-Farm Payroll is almost reversed.

The 1.29 line seems to be an immediate support and the EUR/USD has bounced off it for now. While the currency pair still punches above the 1.3 line, the tops are getting lower on the daily chart.

The Eurogroup meetings are inconclusive so far and it was reported that Greece has requested for a two years extension of the bailout. This probably sparked fears of a Greek fallout and hence sentiments are affected.

 

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