| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
EUR/USD Forecast 8 Oct 12
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.
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.
2012-10-07 14:02:10
Source: http://www.fxinstructor.com/blog/eurusd-forcast-8-oct-12
Source:
