Simultaneous Release at
Good day forex traders.
In the previous EUR/USD forecast we noted a possible technical triangle squeeze. The Euro Zone remained fragile as countries continued to sort out their debts and budgets. Germany might be open to ease conditions for Greece but the uncertainty remained.
Looking at the EUR/USD daily chart above, the currency pair did have a breakout due to the technical triangle squeeze as mentioned. Furthermore it almost touched the extended bullish target of 1.26 that i was commenting on. That is a double goal for us koalas !
SMA 20 ( RED ) = Bullish
SMA 50 ( BLUE ) = Flat
The SMAs are not aligned in direction now and it is time to evaluation the direction of the currency pair. If there is a bearish correction, we may be looking at the bottom of the bullish channel which will be right below the double support of 1.24 / 1.245. Any bullish momentum will no doubt need to tackle the resistance of 1.26. After which a bearish trend line will be the next resistance. ( Top right of the chart ) This will probably be around 1.27.
Don’t miss the fundamental analysis,
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.
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