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Good day forex traders!
In the previous EUR/USD forex forecast review we noted that the SMA 20 was bearish while the SMA 50 was turning bearish. Fundamentally, both sides of the Atlantic are facing strains in their economies and hence this currency pair is probably a comparison of the weaker side.
Looking at the EUR/USD chart above, we do note that the currency pair has shifted higher in range.
SMA 20 = flat
SMA 50 = flat
While the range includes 1.32 and above for now, it is notable that no candles closed above the 1.32 line. There is a gentle bearish trend line sloping down to meet the recent steep bullish trend line. A possible technical squeeze in the making?
Do note that the long term SMA 200 is approaching the current price action and it is usually an immediate support and resistance region.
Don’t miss the fundamental analysis,
continue on to TheGeekKnows.com for the fundamental analysis of the EUR/USD Forex Forecast Weekly Review to understand more about the underlying market sentiments
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Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009