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Good day forex traders.

In the previous EUR/USD forecast we noted that the currency pair breached the 1.22 support. Although the fundamental situation remains depressing, strong term sentimental rallies are often seen due to speculations.

[B]Technical Analysis[/B]

Looking at the EUR/USD chart above we noted the bullish spike that almost tested the 1.24 region.

SMA 20 = Bearish

SMA 50 = Flat

With the SMAs no longer aligned, the possibility of a consolidation may be considered. It is important to note that the SMA 50 ( Blue line ) often acts as an immediate resistance and hence this may cap any bullish correction for now. Any bearish down move will need to tackle 1.22 again.

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