EUR/USD Forecast August 21, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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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

EUR/USD Forecast August 21, 2012, Technical Analysis

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