EUR/USD Forecast 24 Sep 12

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Good day forex traders.

In the previous EUR/USD forecast we noted that strong bullish pressure due to market developments. The positive German economic data and quantitative easing plans by the US Federal Reserve were among the developments to have created a risk taking sentiment. Areas of concern remained such as Greek continued loan disbursement and Spanish debt woes. Caution was advised.

Technical Analysis

Looking at the EUR/USD chart above we note that the currency pair failed to test the 1.32 line. Having said so i always mention that support and resistance lines are never a single pip and hence this sometimes happens.

SMA 20 = Bullish

SMA 50 = Bullish

Both SMAs remain bullish and the SMA 20 is crossing over the SMA 200. SMA 200 is often an indicator of possible long term trends. The currency pair has since drifted lower and is now struggling at the 1.3 region. If this region fails, we may see 1.28 next where the SMA 200 will probably function as a support 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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