TheGeekKnows

[B]Simultaneous Release at
TheGeekKnows.com [URL="http://thegeekknows.com/"]Learn Forex Trading[/URL] and read exclusive [URL="http://thegeekknows.com/"]EUR/USD Forecast[/URL] and [URL="http://thegeekknows.com/"]AUD/USD Forecast Reviews[/URL].[/B]

Good day forex traders.

In the previous EURUSD forecast we noted that both SMAs were bearish and we might expect a bearish momentum should nothing fundamental change. Despite the encouraging GDP growth from China, the currency pair did not climb much thus further revealing the depressed nature of the Euro currency.

[B]Technical Analysis[/B]

Looking at the EUR/USD daily chart above, we note that the 1.2330 line served as a resistance and the currency pair is now below 1.22. I LOVE IT WHEN MY S&R lines work These are a result of my koala eyeballing through years of EUR/USD charts. Hope it helped you there.

SMA 20 = Bearish

SMA 50 = Bearish

With the 1.22 resistance breached, i would be on a lookout for the 1.2 extended bearish target. First order of the day though would be to confirm that the currency pair has cleanly left the 1.22 resistance region.

[B]Don’t miss the fundamental analysis and technical chart,

continue on to TheGeekKnows.com for the fundamental analysis of the [URL="http://thegeekknows.com/2012/07/eurusd-forecast-23-july-12.html"]EUR/USD Forecast[/URL] Weekly Review to understand more about the underlying market sentiments.[/B]