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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.
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.
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