EUR/USD Forecast October 5, 2012, Technical Analysis
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The EUR/USD pair rose during the session after Mario Monti reminded the world on Thursday that ECB was there to lift asset prices with various quantitative easing schemes. Ultimately, we did manage to break above the 1.30 level, and this does signals significant strength.
It looks like the Federal Reserve is the sole focus of the currency markets at the moment, and if we get a week jobs number of the United States later today we could see and Greece in value of several currencies against the US dollar as the world would expect the Federal Reserve to continue to prime the pump.
Because of this, we believe that the Euro will continue higher, and probably try to break through the 1.32 level before it’s all said and done. With this in mind, we will buy pullbacks on the short-term charts as it should provide an opportunity to gain as the Euro continues higher.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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