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In the previous EUR/USD forecast we noted that the SMAs were still bearish. Having said so the SMA 20 had signs of a slow down due to the consolidation in the region. Fundamentally we noted that Spain had decided to seek international assistance regarding it’s ailing banks. China scores a goal with improved economic performance thus a short term rally might happen.
Looking at the EUR/USD chart above, we noted a sharp dip followed by a bullish climb.
SMA 20 = Flat
SMA 50 = Bearish
The SMA 20 is now flat and this may indicate that the bearish momentum has paused for a breather. The week was almost flat with a slight bullish upside only. In view of the Greek elections, technical analysis is probably a wild guess. Possible bullish target is 1.28 and bearish target is 1.24 / 1.245.
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