Good day forex traders.
It is Wednesday and today we celebrate the midweek! Soon the weekends will be here and what better way to end it other than making money from forex!
In the previous EUR/USD forex forecast review we noted the bearish pressure inflicted upon the currency pair. Negative outlooks shroud the euro zone and uncertainty is high. The SMA 50 might act as an immediate support.
We can see that the SMA 50 ( blue ) is indeed acting as an immediate support for now. I LOVE IT WHEN MY CHART WORKS! The bearish pressure is definitely still present and should this SMA fails as a support, we may be looking at the extended target of 1.3.
The euro currency is facing bearish pressure for now as investors are apprehensive towards the take up of the debt swap deal by private investors of Greek debt. A poor take up rate may spell future problems for Greece in terms of managing the debt.
Further bearish pressure was probably added when Germany reported a drop in factory orders for the month of January. Being the largest economy in the region, this brings about concern on the economic viability of the euro zone.
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