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Good day forex traders.

In the previous weekly forex forecast review of the EUR/USD we noted that the SMA 50 was functioning as an immediate support. A failure of which could bring us to the extended target of 1.3. Fundamentally we noted that the Euro Zone remains shrouded in weaken economic data and outlooks.

Technical Analysis

Looking at the EUR/USD chart above, we noted a touch and go of the 1.3 extended bearish target. I LOVE IT WHEN MY CHARTS WORK :)

SMA 20 ( RED ) = flat

SMA 50 (BLUE) = bullish

The SMAs are not in unison and hence we probably will not see any sustained momentum. Watch out for a crossover of the SMA 20 below the SMA 50. If that happens, it may suggests more bearish pressure. The SMA 50 is functioning as an immediate resistance together with the region of 1.32.

Complete the review!

Continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forex Forecast Weekly Review to understand more about the underlying market sentiments

 

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