Good day forex traders.
Tomorrow is Friday and i hope everyone will finish this week in green. Friday is CASH YOUR PIPS day 🙂
In the previous EUR/USD forecast we noted that the current region might result in a consolidation due to the presence of previous lows. Fundamentally the proposed Spanish bailout seemed to offer only temporary relief.
The EUR/USD attempts to test the line of 1.26 again.
SMA 20 = Flattening
SMA 50 = Bearish
I am monitoring the resistance to see if it holds. Should the currency pair bounces off the line, we may be looking at the early development of a tight channel between 1.24 to 1.26 due to apprehension before the Greek polls.
It was reported that US home equity jumped the most in 60 years and this suggests that the debt burden which triggered the 2008 financial tsunami is beginning to ease. Economists believe that while paying down on mortgages debt is bad for short term economic growth, it is beneficial in the long run.
Consumer confidence in the US rose for the fourth consecutive week too and this is seen as a sigh of improving economic outlook.
Having said so in view of the upcoming Greek elections, i believe that any bullish run will probably be temporarily.
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