Good day forex traders.

Time for a quick update on the EUR/USD. In the previous forecast we noted a bearish dip for the currency pair. The bearish dips are signs of returning bearish pressure for the EUR/USD.

Looking at the EUR/USD 4 hourly chart above we note that a bullish test of the 1.2950 immediate resistance is back. Seems that the European opening brought back demand for the euro currency.

Do pay attention to the resistance region. Failure to clear will probably send the currency pair back towards the previous low. A bullish break may see 1.3030 next.

Trade safely.

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EUR/USD Update 30 Oct 12

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