Good day forex traders.
It is the second day of trading and I hope you are trading well so far. With the current fundamental situation so complicated, it would be wise to ensure proper money management.
In the previous EUR/USD forecast we note that the currency pair is near the support of 1.2850.
Looking at the EUR/USD daily chart above, we note that the currency pair remains right above the support of 1.2850. As per previous forecast by Elmar, a breech of 1.2850 may bring us to 1.2800 and after which 1.2700 as an extended bearish target.
Enlisting the assistance of additional indicators, mainly a Simple Moving Average and Bollinger Bands we observe that the EUR/USD still has no signs of a reversal for now although I mentioned earlier that the RSI suggests weaken bearish pressure.
Do note that the EUR/USD is considered rather sold in terms of technical analysis and hence there is a possibility that it corrects back to the middle of the bands which lies right about 1.3.