Good day forex traders.
As i mentioned in the earlier forex forcast review, i hope everyone had a good New Year celebration. Tough time for the cleaners out in the streets though!
The EUR/USD is one of the most popular currency pair when it comes to forex currency trading. Hence even with many global financial markets closed, you have to be careful of any unexpected momentum.
Looking at the EUR/USD 1 hour chart above, we note an almost 100 pips range since last Friday. If the currency pair further drops, we may see the 1.2880 as the next potential support. On the upside, 1.3000 is a strong resistance.
From a fundamental point of view, European equities are mainly green on the first day of trading in the new year. Having said so as around 157 billion euros of debt is due in the euro area during the first three months of the new year, apprehension remains. The low volume and low liquidity currency exchange conditions are probably not creating enough momentum for a sustained trend for now.
German unemployment data is due tomorrow and being the biggest economy in the euro zone, do be careful of any volatility in case of unexpected results.
Related Forex Articles from the Koala Forex Training College.