EUR/USD Forecast 2 July 12

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Good day forex traders.

In the previous EURUSD forecast we noted that the EUR/USD bearish momentum was strong and it might slide down to touch 1.245 / 1.24. The Euro Zone budget deficit was like a broken old record and getting on everyone nerves. Get over it already!

Technical Analysis

Looking at the EUR/USD daily chart above, we did see a test of 1.24. I love it when my charts work! Phew ~ LOL

SMA 20 = Flat

SMA 50 = Bearish

In a clear view of the difference in currency pairs, the AUD/USD as reviewed earlier is having a bullish SMA 20 but our resident EUR/USD only barely managed a flat. The current region of price action consists of various resistances and a forex gap region. A consolidation may occur but that will depend highly on fundamental developments too.

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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