Good day forex traders.
Welcome to another forex forecast review of the EUR/USD. It is first day of the new trading week and i hope you are doing good!
We noted yesterday that the SMA 50 was functioning as a support of sorts. Economic data coming out of the euro zone suggested apparent weakness.
The EUR/USD is trading in a tight range today right around the SMA 50. It is right around the middle of the 1.3 – 1.32 segment. The SMA 20 which suggests short term momentum if any, is flat. This is an indication of possible uncertainty.
The financial ministers from the Euro Zone are meeting today to discuss the final approval of the Greece bailout deal. It was also reported that Spain may be on the agenda too. Earlier in March, Spain mentioned that it would miss the 4.4% of GDP deficit target for 2012. The revised deficit is expected to be 5.8%. Spain is a significant economy of the euro zone and any possible economic trouble may deteriorate the economic outlook of the region.
In view of this important meeting, investors may be awaiting further developments before making their positions as suggested by the tight range today.
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