The EURUSD remains within the lowest realms of its one-month price range- Forex Forecast
Having touched a low of nearly 1.06375 last Wednesday, the EUR/USD challenged values seen in the third week of March. Yes, the EUR/USD did climb higher later on Wednesday as it correlated to the broad Forex markets, but it also went into the weekend within sight of its mid-term depths.
However, day traders who are attempting to pursue upwards perceptions of the EUR/USD are likely to find it difficult to catch onto a trend and hold onto it without suffering from the reversals which have dominated the currency pair’s trading recently. The move lower in the EUR/USD has been strong since the 3A Week with Plenty of Rhetoric and Short on Economic Data Coming for EUR/USD
The choppy conditions within the currency pair reflect the poor economic data from Europe and the aggressive stance the U.S. Federal Reserve still is exhibiting. Even though two U.S FOMC members spoke about the need to halt interest rates last week, not all U.S Fed members agree with this outlook. Bullish speculators who believe the EUR/USD is oversold may be proven correct, but it may not be this week that the currency pair resumes a sustained move upwards
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