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EUR/USD Forecast Review 21 May 12

: 05/20/2012 07:25

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Good day forex traders.

In the previous weekly EUR/USD forecast, we noted a bearish target of 1.28. Greece was struggling to form a government and prevent a second voting. A few European officials commented on the need to have growth policies among the current austerity measures.

Technical Analysis

Looking at the EUR/USD chart above, the currency pair did test the previous low above the 1.26 line.

SMA 20 = Bearish

SMA 50 = Bearish

A late week bullish correction sent the EUR/USD right up towards the 1.28 support turned resistance. Any bullish momentum needs to overcome this region first. With the current sentiments still bearish, any spark of risk aversion may send the currency pair tumbling back down towards 1.26.

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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History

05/17/2012	EURUSD Daily Forecast: May 18
05/17/2012	Daily Forecast for Crosses: May 18
05/17/2012	GBPUSD Daily Forecast: May 18
05/17/2012	USDJPY Daily Forecast: May 18
05/17/2012	USDCHF Daily Forecast: May 18

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