EUR/USD Forecast August 21, 2012, Technical Analysis

Posted August 21, 2012 6:03 (GMT) | By FX Empire Analyst - Christopher Lewis | Print | Font Size
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The EUR/USD pair had a back-and-forth session during the Monday trading day, to in the session and basically unchanged. The candle is very neutral, and sitting on an uptrend line from the rising wedge that we’ve been talking about. This suggests to us that the 1.23 level is going to act as support, and as such we think the market will continue to rise.

We still see the 1.24 to 1.25 level as massively resistive, and as such we are still looking for candles that are bearish enough to sell. We simply do not have that right now, but we think it’s only a matter of time. Because of this, and all the problems in the European Union, we are flat of this market. For short-term traders, a move to the 1.24 level is very likely.

EUR/USD Forecast August 21, 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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Nick

What actually do you mean by a sell candle bearish enough so that you can sell? A sell candle that is more than 100 pips or 200 pips??? We got some pretty aggressive selling after Bernake speech and also the ECB rate decision not too long ago. But the pair almost bounce back higher the next few days.By the time you see a strong sell candle it is too late to sell!! If you are looking for drop of more than 300-1000pips, it may happen only once in 3-6 months!!! The euro problem is more than 3 years old and it is not going to be solve soon. Does that means “sell only” for this pair until a complete solution found. That could be a very long time from now .Are we to sit and wait every 3-6moths just to make the 1 or 2 sell trade????

FX Empire Analyst - Christopher Lewis

Until recently, this pair was able to be sold every couple of weeks. Forex markets are very quiet until September now, as only amateurs are in the market. So no….. 3-6 months in unrealistic. Daily candles are preferred, but if you are looking for a candle to sell everyday – then you will lose in this market.