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Good day forex traders.

In the previous EUR/USD forex forecast weekly review we noted that both SMAs were flat and hence the currency pair might go either ways. If the current bullish momentum continued, the first target would be 1.34 though 1.3360 is an immediate resistance in my charts of a lower time frame. Equities worldwide were mainly green due to the speculation of possible future economic stimulus, perhaps in the form of a new quantitative easing by the US Federal Reserve.

Technical Analysis

As mentioned, the 1.34 will probably be a target of any bullish momentum and it was nearly reached. 1.3360 proved to have had an influence on the currency pair. I LOVE IT WHEN MY CHARTS WORK :)

SMA 20 = bullish

SMA 50 = bullish

While both SMAs are bullish, we probably should wait for a cross over of the SMA 20 towards the upside of the SMA 50 first before considering any possibility of further rallies. Do note though that 1.34 is usually a strong resistance and the SMA 200 which reflects long term possibilities is still bearish and may act as a resistance too.

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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