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EUR/USD Forex Forecast Review 6 Feb 12

Good day forex traders.

First day of the new trading week and i hope you are green with pips!

In the previous forex forecast we noted that the SMA 20 continued to climb. While there were indications that the bullish momentum might continue, both the 1.3 and 1.32 are historically strong support and resistance lines and hence a range had apparently formed.

Technical Analysis

The EUR/USD is easing towards the support of 1.3. As the SMA 50 is there too, the support may prove difficult to break. The range of 1.3 – 1.32 seems valid for now.  However do take note as the SMA 20 is about to cross over the SMA 50. This is an indication of bullish possibility.

Fundamental Analysis

The drop in euro value is probably due to new risk aversion moves away from risky assets. It was reported that discussions regarding the Greek debt was not very positive. Greek officials need to show concrete cost cutting and economic solutions so as to secure more funds. Jean-Claude Juncker who chairs euro finance meetings was even reported as saying that if all is wrong in Greece, there would not be a new aid program and March will bring a declaration of bankruptcy.

Trade Safely.

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