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Good day forex traders.

In the previous EUR/USD forex forecast we noted that the 1.32 region continued to put up a tough resistance. While the SMA 20 was bullish, we had yet to see any indications from the SMA 50. The Greek budget deficit crisis continued to plague the markets but the better than expected US Non-Farm Payroll did ease some negativity off.

Technical Analysis

We note above that the EUR/USD had fallen back below 1.32 which is a strong support and resistance region.

SMA 20 = Bullish

SMA 50 = Flat

With the SMA 50 still flat, further observation must be done before the possibility of further bullish momentum can be concluded. The SMA 20 is rising rapidly and it will soon meet the currency pair. Watch out for it’s role as a possible support.

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