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Good day forex traders.

In the previous weekly EUR/USD forecast, we noted a possible bearish target of 1.3. Sentiments were  mainly apprehensive as the poor figures from the US Non-Farm Payroll together with the uncertainty of the polls of France and Greece brought about a negative outlook.

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Technical Analysis

The week was basically a bearish week. The forex gap almost closed but the bulls gave up.

Dear readers, this serves as a reminder to us that forex gap do not always close within the week as many have wrongly believed.

SMA 20 = Bearish

SMA 50 = Turning Bearish

With the SMA 50 almost bearish, we may be looking at a sustained bearish momentum soon. The bearish target of 1.28 remains and any bullish correction need to tackle the 1.3 resistance first.

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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