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Good day forex traders.
In the previous EUR/USD forecast we noted that the SMAs are flat. This suggested possible consolidation and right above the currency pair saw the double resistance of 1.24 / 1.245. Fundamentally, the Euro Zone remained weak and was hostage to comments both dovish and hawkish.
The double resistance line of 1.24 / 1.245 did function exactly as i mentioned in the previous EUR/USD forecast. I hope everyone benefited from it.
SMA 20 = Flat
SMA 50 = Bearish
From the SMAs, it seems that the medium term bias remains bearish. However the recent consolidation has rendered the SMA 20 flat. Any bullish momentum must face the double resistance region again and any bearish drop must overcome 1.22. There is a possible immediate support right below the price action now and it is a bullish trend line from the recent low near 1.2.
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