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Good day forex traders.
In the previous EUR/USD forecast we noted an immediate support right below the price action. Any bullish momentum needs to overcome the double support of 1.24 too. China faces a slowdown on their hands and worldwide sentiments may be threatened.
Looking at the EUR/USD chart above, the support trend line is still in play and i am observing a triangle squeeze setup with the bearish resistance line from the highs of 1.26+.
SMA 20 = Bullish
SMA 50 = Bearish
Conflicting SMAs usually indicates a currency pair without sustained direction and hence uncertainty is high. Should the triangle squeeze setup do play out, a bullish breakout will need to take down the double resistance region of 1.24 and the extended target is 1.26. A bearish breakout will need to overcome 1.22 first.
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