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EUR/USD Forex Forecast 9 Feb 12

Good day forex traders.

With the trading week almost over, i hope everyone is green with pips. Do remember that proper money management is crucial for success.

In the previous EUR/USD forex forecast reviews we noted that the momentum was showing indication of bullish pressure. The SMA 20 had flipped over.

Technical Analysis

Now that the SMA 20 is bullish and has crossed the SMA 50 line, the next indication of further possible bullish momentum will be the SMA 50 sloping upwards. Do note that a full candle has closed above the 1.32 region. The extended target of any bullish momentum will be 1.34.

Fundamental Analysis

It was reported that the Greek government has reached an agreement on the austerity measures required to secure a bailout. This comes as a relief to many and hence we are seeing bullish pressure due to risk taking activities. Equities in Europe are mostly green. Do continue to monitor the developments of the Greek budget deficit crisis as i believe that it will probably steer the EUR/USD. The upcoming bond redemption of Greece in March will be critical.

Trade Safely.

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