EUR/USD Forecast 3 September 12

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Good day forex traders.

In the previous EUR/USD forecast we noted that the EUR/USD fulfilled our technical analysis. The triangle squeeze breakout did happen and the extended bullish target of 1.26 came within pips. It was a happy occasion for the forex koalas. Greece was reported to be requesting for an extension of terms regarding the bailout agreement. While Germany appeared to be open to the idea, nothing concrete was decided. There were speculations of possible stimulus for the US economy to be announced at the Jackson Hole event.

Technical Analysis

Looking at the EUR/USD daily chart above, we noted a failed attempt to breach the 1.26 resistance.

SMA 20 ( RED ) = Bullish

SMA 50 ( BLUE ) = Flat

The SMAs remained unaligned and this suggests a lack of sustained momentum. The EUR/USD remains in a  bullish channel and a breach of 1.26 will open up the upper trend line resistance of around 1.27. Any bearish correction will have the currency pair facing the double support region of 1.24 / 1.245.

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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