Good day forex traders.
It is almost mid week and i hope everyone is on track to having a green week full of pips!
In the previous EUR/USD forex forecast review we noted that a bullish momentum might be in the works. An extended target might be the 1.36 region. Having said so the situation is very fragile and any negative development in the Euro Zone might trigger a down slide.
With both SMAs bullish, the currency pair is indeed stabilizing at the 1.34 region for now. Regardless, nothing is 100% in forex and hence proper money management must always be central to your trading style. A possible extended target / resistance would be the 1.36 region, where the SMA 200 lies now.
There are talks reported of increased confidence in the Euro Zone. Germany which is the largest economy in European continues to deliver good performance thus diluting the negative impact of the budget deficit crisis. With the approval of the second aid package to Greece by Germany’s parliament, sentiments are improving.
Continue to pay close attention to the developments in the Euro Zone as this remains key to the foreign currency exchange market movements.
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