EUR/USD Forecast August 17, 2012, Technical Analysis

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The EUR/USD pair had a very positive session on Thursday as the 1.2350 level was it. The market still looks as if it’s in a rising wedge, and there are still plenty of problems in Europe. Because of this, we are still very bearish of the Euro, but we don’t see a particular play to sell it at this point in time. We are simply waiting for some type of week candle from which to sell, or a break down below the uptrend line on the rising wedge. Until we get some kind of move in that vein, we are going to be on the sidelines.

 

EUR/USD Forecast August 17, 2012, Technical Analysis

EUR/USD Forecast August 17, 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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