Simultaneous Release at
Good day forex traders.
In the previous EUR/USD weekly review, we noted that the consolidation continued. Both SMA 20 and 50 are flat. Seeing such, a sustained momentum was probably not around the corner. Recent developments in the Euro Zone was bringing hope to the markets. Equities around the world rallied. Governmental changes in Italy and Greece brought about optimism. The situation of Italian bonds brought about concern as the 7 percent threshold saw Greece, Ireland and Portugal sought financial aid previously.
Looking at the EUR/USD chart above, we note that the 1.34 support region held. Historically this is a strong support and resistance S&R region and hence this comes with little surprise.
SMA 20 = Downwards
SMA 50 = Flat
With the SMA 20 downwards now, watch out for a crossover of the SMA 50 and the SMA 50 itself turning downwards for a further possibility of a bearish trend. The long term SMA 200 is increasing it’s decline and suggests increased possibility of a longer bearish trend.
Complete the review!
Continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Weekly Review to understand more about the underlying market sentiments.
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