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EUR/USD Update 29 Oct 12

Good day forex traders.

Welcome to the new trading week. May the pips be with you 🙂

We noted earlier that the EUR/USD seems to be ranging and 1.3 appears pivotal.

20121029-145837.jpg

Looking at the EUR/USD hourly chart above, I wish to highlight the previous bearish dip at the end of the previous week. The currency pair has failed to push higher after recovery and hence there may be a possibility of another bearish influence.

The market is light on trading volume now and hence the light trend. Stay tuned for Europe opening shortly.

Trade safely.

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