EUR/USD Forecast Weekly 25 Feb 13

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Good day forex traders and koalas.

In the previous EUR/USD forecast we noted a weak head and shoulders pattern that may result in a bearish target of 1.3100. Fundamentally we may be facing some adverse sentiments as fresh strikes erupt in Greece against the austerity measures. This serves to remind investors that the European region is still not out of the woods yet.

Technical Analysis

Looking at the EUR/USD daily chart above we note that the currency pair did continue to be bearish. Taking out the resistance of 1.32 , it came close to our weak head and shoulders pattern bearish target of 1.3100. It has since retreated and the doji pattern suggests intense competition between the bears who want to take the EUR/USD lower and the bulls who see this region as an opportunity to buy in. I will not discount the possibility of an attempt to test 1.31 but caution is advised should the bulls manage to overcome.

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continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forecast Weekly Review to understand more about the underlying market sentiments.