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EUR/USD Forecast Update 10 Aug 16

Good day readers.

We last saw the EUR/USD on a bearish note in our weekly forecast. It was probably due to sentiments flipping against the euro. I cautioned that such moves may be fickle, depending on the underlying developments and the perceived intentions.

Looking at the EUR/USD 4 hourly chart above, we note that the currency pair is on a bullish stance for now. We can see a possible interaction point coinciding with a previous low at 1.112.

While economic data has been light for the euro zone and US so far, we have important releases upcoming such as the German preliminary GDP and US retail / unemployment claims. Unexpected developments may bring about spikes in the currency pair. We need to have proper money management.

There is an official event for the Reserve Bank of Australia around the corner. While not directly relevant, it may spur or demand risk appetite and hence do trade safely.

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