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Good day forex traders.

In the previous EURUSD forecast we noted that the SMA 20 was turning bearish due to the sharp dip. This might suggest an extended target of 1.2. The ECB’s move to cut interest rate further affected the currency pair and sentiments towards the Euro Zone. US’s worst than expected NFP also caused a dent in sentiments.

[B]Technical Analysis[/B]

Looking at the EUR/USD chart above, as expected due to the sentiments at the start of the week, the currency pair did drift lower and tested 1.22. I LOVE IT WHEN MY ANALYSIS WORKS ! ha

SMA 20 = Bearish

SMA 50 = Bearish

The EUR/USD is now at the 1.22 region. If this support fails, we can be on a lookout for 1.2. Both SMAs are bearish now and hence we can have a bearish possibility if nothing major changes the sentiments. We last visited this region 2010 June.

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