Home » Euro vs Dollar Daily Chart » Euro dollar forecast for today – 5th October 2012

Euro dollar forecast for today – 5th October 2012

eur dollar 30 minute chart and forecast

EUR/USD – 30 minute chart MT4

The euro vs dollar has continued in bullish tone once again today following the release of the monthly NFP data which came in bang on forecast at 114,000 and in addition saw the headline unemployment rate fall from a forecast 8.2% to under 8% at 7.8%. One of life’s great mysteries is how the headline rate manages to fall, when the jobs created are so small, but then there are statistics and damn lies, and given that the true employment level is around 20%, it seems churlish to split hairs.

Moving to the eur/usd chart and in particular the 30 minute time frame  this has given us some excellent trading set up’s following the news release, with the pair breaking higher on the news, and moving firmly above the price congestion created in yesterday’s lifeless session through the doldrums this morning. This congestion area is extremely well defined on this chart, with the Hawkeye pivots aligned above in the 1.3015 area and below in the 1.3000, so a tight range of 15 pips. This breakout has also coincided with several other factors which are now adding increased weight to the move higher.

First, the Hawkeye Heatmap has transitioned from bearish to bullish bright green, indicating that all three trend speeds are now locked together and signalling bullish momentum for all three trend speeds. Second, the move higher has been accompanied by strong buying volume, a positive signal of an extended move higher in this time frame  and finally, the Hawkeye trend has now transitioned to green on the 30 minute chart, so a great trade now developing for the eur/usd.

Finally of course, this is also confirmed by the Hawkeye Fatman which is giving a clear signal that the euro ( the green line) is now moving from the oversold region on the indicator at the bottom of the chart. Given the distance left to travel to the over bought region, we can expect to see the euro strengthen for the remainder of today’s forex trading session. The longer term outlook for the pair remain firmly bullish and now look set to test the 1.3200 region in due course.

If you would like to see Hawkeye in action, please just click the following link to join me in one of my Free live trading rooms – I look forward to seeing you there – Anna

By Anna Coulling