Simultaneous Release at
Good day forex traders.
In the previous EUR/USD forecast we noted that we might see 1.28 if bearish pressure continued. The SMA 200 in the area might serve as a support. Sentiments seemed to be swinging low and risk aversion appeared to be encroaching.
Looking at the EUR/USD daily chart above we note that the bearish pressure did crush the 1.3 line and sent the currency pair towards the 1.28 support.
SMA 20 ( RED ) = Bullish
SMA 50 ( BLUE ) = Bullish
While both SMAs remain bullish, we should monitor 1.28. The SMA 200 ( BLACK ) usually functions as a support of sorts and if it fails together with 1.28 due to overwhelming bearish pressure, the next bearish target will be 1.26 which will mark a reversal of the previous bullish rally.
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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