EUR/USD Forecast 29 Oct 12

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Good day forex traders.

In the previous EUR/USD updates we note the continued ranging nature of the currency pair.

Technical Analysis

Looking at the EUR/USD daily chart above we note the immediate resistance seems to be 1.3120 right

now. The round number of 1.3 continues to play a pivotal role and neither bulls nor bears can achieve a full

victory for now. The currency pair is now resting on a bullish trend line from some time back and it will be

worth while to observe if there is any interaction. Many traders often make a mistake of considering short

term factors. From a long term point of view, this ranging is expected as the current region now is probably

the current expectation of the market while the Euro Zone sorts its problem out.

Don’t miss the fundamental analysis,

continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.