Good day forex traders.

How is your trading week so far? Hope it is green with pips 🙂

In the weekly EUR/USD forex forecast review we noted that the SMA 20 remained an immediate resistance for any bullish momentum. If it fails, we may be expecting more bullish momentum to come.

Technical Analysis

Looking at the EUR/USD daily chart above, we note that the momentum remains bullish. The currency pair is now above the SMA 20 and should it close above it, we may see more bullish momentum. 1.3 may be the extended target of any bullish drive.

Fundamental Analysis

Equities around the world are mostly green as sentiments are good. The European Central Bank ECB president Mario Draghi said that the year 2012 will be a much better year for the euro zone. Governments are pushing ahead with austerity measures and reforms and the ECB’s policy to provide supply of cheap cash is showing apparent benefits.

In the US, jobless claims fall to the lowest level in almost four years and this probably contributed to the risk seeking atmosphere of the market now.

Trade Safely.

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EUR/USD Forex Forecast Review 19 Jan 11

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