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Good day forex traders.
In the previous EUR/USD forecast we noted a late week bullish correction to test the 1.28 region. Having said so, the bearish momentum remained strong and the test of 1.26 remained a possibility. Risk aversion was indeed strong and the S&P 500 had since dropped a fair bit. Nothing encouraging was coming out of the Euro Zone for now.
[B]Technical Analysis [/B]
Looking at the EUR/USD chart, we noted that 1.26 was hit. I LOVE IT WHEN MY TARGETS WORK! fanfare fanfare
SMA 20 = Bearish
SMA 50 = Bearish
There is no indication of any technical bullish correction although nothing is impossible. Just wanted to warn the LONG supporters that you must know what you are doing if you want to trade against the trend. Nonetheless, any bullish moves will probably seek to test 1.26 first.
Should the bearish momentum continue, i expect a test on the previous 2009 March low of 1.2450+/- first before the currency pair marches on to 1.24.
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