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Good day forex traders.
In the previous forex forecast review of the EUR/USD, we noted that both SMAs were flat and that indicated possible uncertainty. Fundamentally we noted that China’s growth had slowed and a number of US Federal Reserve heads were inclined towards a low interest rate for the US economy’s benefit. Risk aversion might be headed our way.
1.32 remains a strong region of resistance. The EUR/USD failed to gain much ground above it.
SMA 20 = bearish
SMA 50 = turning bearish
With the SMAs not indicating a bullish momentum for now, 1.32 may prove to be a tough resistance for now. Regardless, the SMA 200 which is indicative of long term momentum continues to be bearish and is approaching the price action. It is usually a strong support and resistance region and we should pay close attention to it.
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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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