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EUR/USD Forex Forecast Review 16 Feb 12

Good day forex traders.

It is almost the end of the trading week and i hope you are doing well despite the choppy markets.

In the previous EUR/USD forex forecast we noted that the main trading theme remains dictated by the Greek budget deficit crisis.

Technical Analysis

Looking at the EUR/USD daily chart above, we note that the bearish momentum is strong as it has been days of red candles. The region of 1.3 is holding for now and the presence of the SMA 50 is probably lending to the support. Watch out for a technical retest of the support.

Fundamental Analysis

As expected, the financial markets remain hostage to the Euro Zone budget deficit crisis. The Greek predicament remains unsolved as despite the successful vote by the Greek parliament on austerity measures, some Euro Zone countries are requesting for a further delay until the conclusion of the upcoming Greek government vote. 

I mentioned many times that sovereign disagreements / indecisiveness is devastating to sentiments and indeed it has brought down the euro currency so much. The growing sentiments among the economically weaker euro zone countries of Germany’s tough stance is a dangerous possibility of further disagreement.

Trade safely.

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