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In the previous EUR/USD forcast we noted continued bearish indications from our SMAs. Nonetheless the previous lows in the region might serve as a support. Fundamentally, speculations of a Spain bailout was strong and the US prints a worst than expected US Non-Farm Payroll.

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Technical Analysis

Looking at the EUR/USD chart above, we noted that the region did serve as a support. I LOVE IT WHEN MY CHART WORKS! Sometimes i cannot tolerate myself for shamelessly praising myself. HA!

SMA 20 = Bearish

SMA 50 = Bearish

The currency pair tested 1.26 and eased off pretty far. Should bearish momentum resumes, we will be testing the region of 1.2330 – 1.2450 again.

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.

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