Good day forex traders and readers.
Welcome to the daily version of the popular EUR/USD forecast. Do keep in mind that the daily edition is different from our weekly edition. The daily is meant to provide a quick and light interim update of the technical and fundamental situation.
In the previous EUR/USD forecast we noted that the currency pair was bullish and 1.38 might be the next bullish target. The better than expected GDP brought about optimism to the markets.
Looking at the EUR/USD 4 hourly chart above we note that the currency pair has managed a slight bullish basis since the beginning of the week. We are looking at an immediate range of 1.368 to 1.38 for now.
We had weaker than expected confidence data coming in from Germany and it is interesting to note that the disappointment appears to be limited as the bullish stance remains. It is likely that investors and traders view the recent better than expected GDP data for the Euro Zone as a fundamental improvement for the region.
We do have a number of economic data upcoming which includes manufacturing. Do continue to monitor.
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