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Good day forex traders.
In the previous weekly EUR/USD forex forecast we noted that the currency pair had fallen below 1.32. The Greek government had reached an agreement on the implementation of austerity measures required for further financial aid. Having said so, it is a complex situation as citizens, unions and even ministers were opposed to the idea. The global financial markets continued to be affected by the developments of the Greek budget deficit crisis.
Looking at the EUR/USD chart above we noted that both ends of the channel had been tested. The strong support and resistance region of 1.3 and 1.32.
SMA 20 = flat
SMA 50 = flat
Both SMAs had turned flat and this is an indication of uncertainty with regards to currency pair movement. A bearish scenario will probably see 1.3 tested again while any possibility of a bullish momentum will need to see a full green candle closed above 1.32 first.
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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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