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EUR/USD Update 31 Oct 12

Good day forex traders.

Hope our friends from the US are ok with regards to the storm.

In the previous EUR/USD forecast we noted a test on the upper trend line of a bearish channel. Market may turn light due to the storm after Europe closes.

20121031-103617.jpg

Looking at the EUR/USD 4 hourly chart above we note that the currency pair did range tightly due to the low volume conditions. Not much movement was made with regards to the price.

The test on the upper trend line of the bearish channel is still in play. If the resistance holds, we may see 1.2890 come into target.

Do remember that we have crucial economic data coming up later. For example German Retail Sales. Price action will probably pick up when Europe opens.

Trade safely.

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