EUR/USD Forecast August 10, 2012, Technical Analysis

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The EUR/USD pair managed to fall yet again during the Thursday session, and even break down below the 1.23 level. However, by the end of the session we saw the 1.23 level attract buyers again, and it appears that this market is trying to find support at this point in time.

While we remain bearish on the Euro at this moment in time, we think that perhaps there is a little bit of fight left in this currency pair at the moment. The 1.25 level is certainly going to be very resistive, and as such we would love to see the market try to rally for that area so we can sell any failed rallies.

We are selling a break of the lows from Thursday, but must admit we prefer to sell rallies at this point as the Euro seems to attract hope regardless.

 

EUR/USD Forecast August 10, 2012, Technical Analysis

EUR/USD Forecast August 10, 2012, Technical Analysis

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About:FX Empire Analyst - Christopher Lewis

Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.

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