EUR/USD Forecast August 30, 2012, Technical Analysis

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The EUR/USD pair fell during the session on Wednesday in order to come back down and retest the 1.25 area. The hammer shaped candle from the Tuesday session continues offer support at this point in time, but there is also a shooting star from last week the continues to make this entire area very congested.

It should be noted that the resistance area goes all the way to 1.27 levels, and as such we are not willing to buy the Euro at this point in time. It isn’t in till we get above the 1.27 level that we are comfortable enough with this pair, as there are so many headline risks out there. As for selling, if we can manage to break down below the lows on Tuesday, we would go ahead and be comfortable enough to do it then. 

EUR/USD Forecast August 30, 2012, Technical Analysis

EUR/USD Forecast August 30, 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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