Good day forex traders.
Welcome to another forex forecast review of the EUR/USD. It is mid week and i hope you are on track to a green harvest of pips.
In the previous review, we noted that the SMA 20 was approaching a crossover of the SMA 50. This might suggest further bearish pressure.
The SMA 20 is about to cross over the SMA 50 towards the downside. Should this happen, we may see bearish pressure. Any bearish momentum may possibly target the 1.3 region.
While the euro zone seems to be calmer these days, we must not assume that this is a sign of a possible rally. The region is not out of the woods yet as reports such as UK’s budget deficit having doubled leaves much for concern.
Industrial data for various parts of the euro zone will be released throughout the week. Monitor this for a clue to the region health.
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