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EUR/USD Forex Forecast Weekly Review 5 Feb 12

: 02/05/2012 08:06

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In the previous EUR/USD forex forecast review we noted that the SMAs were turning bullish. In fact the short term SMA 20 had already began to slope up. The immediate concern of the Euro Zone budget deficit crisis probably remained to be Greece as an apparent stall in discussions occurred. Private and public debt holders were seen to be different in their opinions.

Technical Analysis

Looking at the EUR/USD chart above, we note that the 1.32 region continued to put up a tough resistance. This is historically evident too.

SMA 20 = Bullish

SMA 50 = Flat

As the SMA 20 continues to climb, a flip over of SMA 50 and the turning into bullish by the SMA 50 itself would indicate a higher possibility of a sustained bullish momentum. We can observe that the 1.3 – 1.32 regions seemed to be the range for now. The SMA 50 may function as an immediate support too.

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History

02/03/2012	EURUSD Weekly Summary: Still in a bullish phase, moving sideways between 23.6% – 38.2% Fibonacci retracement
02/02/2012	EURUSD Daily Forecast: February 03
02/02/2012	Daily Forecast for Crosses: February 03
02/02/2012	GBPUSD Daily Forecast: February 03
02/02/2012	USDJPY Daily Forecast: February 03

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