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EUR/USD Forecast 13 May 13
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Good morning forex traders and readers.
In the previous EUR/USD forecast, we noted that the currency pair was making higher lows and hence a bullish momentum may be forming. The US Non-Farm Payroll also brought about positive sentiments. Nonetheless caution was advised as a squeezing range was noted later in the week.
Technical Analysis
Looking at the EUR/USD daily chart above we note that the currency pair was bullish until late week when a overwhelming bearish pressure took over. This is hence why we must always practice proper money management. Forex is never 100% predictable.
As the EUR/USD dip below 1.3 , it has a slight makings of a double top and if indeed so, we may see 1.28. Continue to monitor closely and be careful not to catch a falling knife.
Source: http://www.fxinstructor.com/blog/eurusd-forecast-13-may-13
