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Good day forex traders.

In the previous weekly EUR/USD forex forecast, we noted that the SMA 20 had been acting as an immediate resistance. As long as the currency pair remained below it, we could expect continued bearish momentum. The credit rating cut by S&P came along and Germany remained as the only Euro Zone country left with triple A ratings.

Technical Analysis

Looking at the EUR/USD daily chart above, we noted that the SMA 20 failed as a resistance eventually and the extended target of 1.3 was tested. I LOVE IT WHEN MY CHARTS WORK !

SMA 20 = Bearish

SMA 50 = Bearish

As far as the SMAs are concerned, we are still having bearish possibilities. However do pay close attention to 1.3 – 1.31.  If the currency pair goes above the SMA 50, a change of trend may be happening.

Complete the review!

Continue on to for the fundamental analysis of the EUR/USD Weekly Review to understand more about the underlying market sentiments

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