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EUR/USD Update 2 Nov 12

Good day forex traders.

Welcome to another quick EUR/USD forex update.

In the previous EUR/USD review we noted a possible Heads and Shoulders technical chart development.

20121102-123307.jpg

Looking at the EUR/USD 4 hourly chart above we note that the head and shoulders technical pattern is still a possibility. The currency pair is now at the mid point towards the bearish target of 1.2890.

While it is tempting to go bearish, we need to consider the fact that the US NFP is due later. Any surprise development may send the EUR/USD in unexpected spikes.

Proper money management must be in use. Trade safely.

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