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Good day forex traders.
In the previous EUR/USD forecast we noted that the currency pair remained in a bullish channel. Spain was receiving increasing media scrutiny and there were speculations of an upcoming round of stimulus to be announced by the US Federal Reserve Chairman.
Looking at the EUR/USD chart above, the price action did remain bullish and in fact created a bullish spike to touch the resistance of 1.28.
SMA 20 ( RED ) = Bullish
SMA 50 ( BLUE ) = Bullish
Both SMAs are bullish now due to the recent moves and this may suggest possible continued bullish momentum. A word of caution is that the SMA 200 is now at the current price action. It is usually an indicator of possible long term momentum and also often functions as an immediate support and resistance line. Combined with the resistance of 1.28, close attention should be given to this region.
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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