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EUR/USD Update 15 Nov 12

Good day forex trading koalas.

Welcome to a quick update on the EUR/USD currency pair. In the last forecast we noted a bounce up from the test of the 1.27 line.

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Looking at the EUR/USD 4 hourly chart above we can see that the currency pair is gaining a small bullish pressure. The immediate resistance is probably the 1.28 region.

German growth was reported to have slowed less than forecast in the third quarter. It was also reported that the French economy unexpectedly expanded. Traders probably felt that this may increase the chances that the euro area will avoid a recession.

Monitor the price action and trade safely.

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