Visitors Now:
Total Visits:
Total Stories:
Profile image
By FX Instructor (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

EUR/USD Forecast 8 Oct 12

Sunday, October 7, 2012 14:13
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Simultaneous Release at
TheGeekKnows.com  Learn Forex Trading and read exclusive EUR/USD Forecast and AUD/USD Forecast Reviews.

Good day forex traders.

In the previous EUR/USD forecast we noted that the 1.28 might be a strong support. The SMA 200 was in the region and might add to the support strength. From a fundamental point of view, economic developments were worrying due to indications of slowdowns.

EUR/USD Chart

Technical Analysis

Looking at the daily EUR/USD chart above, we note that the currency pair failed to breech 1.28. As i mentioned during the previous forecast, this is a strong support and the SMA 200 is in the region and hence might act as a double support. I love it when my technical analysis works :)

SMA 20 ( RED ) = Bullish

SMA 50 ( BLUE ) = Bullish

Both SMAs are still bullish and this indicates that the bullish trend may be in existence. A clue will be to see how the price action reacts at 1.3 when the market opens for the new trading week. Bullish target will be 1.32 while a bearish correction will probably target the strong support of 1.28 again.

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.



Source:

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.