Good day forex traders.
The end of the week is almost here and i hope you have bagged yourself a good harvest of pips. If you are ” rolling in the deep ” of red, do not fall into emotional trading. Salvage the situation and your margin account lives to trade another day!
In the previous EUR/USD forecast review we noted bearish indications from a technical point of view. From a fundamental point of view, the apparent political divide in the Euro Zone brought about apprehension among investors regarding the ability of the Euro Zone to overcome the current budget deficit crisis.
Today brings us a bullish day although the EUR/USD failed to test the 1.3 line yet.
SMA 20 = Bearish
SMA 50 = Turning Bearish
Should the candle close without reaching 1.3, bearish pressure may be strong. The extended target of 1.28 remains.
Continuing on the political fallout from the polls over the weekend, fresh comments and debate regarding Greece’s euro membership were noted. Voters were apparently against the austerity themed bailout with their choice of the government and an increasing gap between austerity advocates such as Germany and Greece threatened to derail the situation.
I would like to pose you the reader an interesting scenario.
Should the exit of Greece from the euro indeed happen, will the markets rally as a sign of relief or tank due to increase financial turmoil?
Let me know your opinions in the comment box below 🙂
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