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Good day forex traders.

In the previous EUR/USD forecast we noted continued bearish momentum and the currency pair looked set to test 1.24. On the fundamental side we noted the possibility of a common Euro zone bond but looking at the track record of the Euro Zone, i was not convinced that a solution would be decided so soon.

[B]Technical Analysis[/B]

1.24 was taken down. I LOVE IT WHEN MY CHARTS WORK. Thanks for bearing with my shameless self praise

SMA 20 = Bearish

SMA 50 = Bearish

Both SMAs continue to remain bearish. The SMA 20 ( RED ) is having a steep gradient which indicates strong bearish momentum.

I have circled the immediate region as both the 2008 October and 2009 March low lies here. We may see possible price action hesitation here. If this region is cleared, we may be headed to the 2010 June low of 1.18+.

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