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Good day forex traders.
In the previous forex forecast review we noted that the SMAs remained flat. Uncertainty is high. Fundamentally we were getting an similar outlook as both positive and negative comments were made regarding the Greek deficit crisis by European Union officials.
We note from the EUR/USD chart above that the currency pair had broken out of the 1.32 resistance region.
SMA20 = Bullish
SMA50 = Turning Bullish
With the SMAs indicating a possible bullish trend, we may see further climbs if the market conditions remain. Do note however that the price action is approaching the SMA 200. It is an indicator of long term trend and usually a strong support and resistance.
Keep a close look if the EUR/USD falls back below the 1.34 region. A bullish extended target would be right about the SMA 200 which is the region of 1.3600.
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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