Good day forex traders.

It is the last day of the month and the Euro Zone is facing a challenging time. In the previous EUR/USD forex forecast, we note the complicated situation of the Greek crisis and the possible implications of it.

Technical Analysis

Looking at the EUR/USD daily chart above, we note that the 1.32 region is indeed a resistance zone. The currency pair is bouncing off the 1.32 line for now. Special mention will be the SMA 20 which is rising sharply due to the recent bullish momentum. Continue to monitor the 1.32 region because if it fails, the bullish momentum may continue further. The extended target will be 1.34.

Fundamental Analysis

It was reported that the meeting of the European Union officials resulted in a fiscal discipline treaty that hastens the application of sanctions on states with high deficit. The Greek prime minister was also reported to be commenting that he is committed strongly to reaching a debt swap agreement with the bondholders. The markets are probably taking this positively as risk taking is active across financial markets.

Trade Safely.

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EUR/USD Forex Forecast Review 31 Jan 12

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