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In the previous forex forecast review of the EUR/USD, we noted that while both SMAs were bullish, a cross over of the SMA 20 towards the upside of the SMA 50 should happen first before considering any possibility of further rallies. Having said so 1.34 is usually a strong resistance and the SMA 200 which reflects long term possibilities was still bearish and might act as a resistance.

Technical Analysis

We noted that a bullish rally did not happen. In fact the opposite happened. I LOVE IT WHEN MY SMAs work!

SMA 20 = flat

SMA 50 = flat

With both SMAs flat, uncertainty is high. It was a bearish week with only some recovery on the last trading day. Watch out for the region of 1.3 which is traditionally a strong support and resistance line. The long term SMA 200 remains bearish.

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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