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EUR/USD Forecast 17 Sep 12
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Good day forex traders.
In the previous EUR/USD forecast we noted that the markets were pleased with the recent developments. The currency pair had a technical bullish test on the 1.28 region. The German economy seemed to be escaping the worst of the Euro Zone budget deficit crisis and the ECB bonds purchase program was welcomed as a sign of stabilisation.
Technical Analysis
Looking at the EUR/USD chart above we note a continuation of the bullish momentum. 1.28 did turn out to be a resistance as i mentioned. It fell eventually to the strong pressure.
SMA 20 ( RED ) = Bullish
SMA 50 ( BLUE ) = Bullish
Both SMAs are bullish and this indicates the possibility of continued momentum. An important point to note is that the currency pair is now above SMA 200 and if it holds above it, it may suggests a long term bullish momentum. Watch out for 1.32 if bullish momentum continue.
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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2012-09-16 22:46:06
Source: http://www.fxinstructor.com/blog/eurusd-forecast-17-sep-12
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