EUR/USD Forecast August 7, 2012, Technical Analysis

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The EUR/USD pair fell during the Monday session, but bounce back to regain most of what it lost. This formed a hammer for the trading day, and does look very strong indeed. The 1.24 level looks to be holding a support and it now appears that we are heading to the 1.25 level if we can break the top of the Monday hammer.

The 1.27 level as the very top of the resistance, and we literally need to get above that area in order to get excited about buying this currency pair. We see far too much in the way resistance between here and there to believe that some type of selling opportunity isn’t going to present itself. Also, Europe is a far, far stretch from a fix with its debt problems and it’s hard to believe that suddenly everything is okay. We are selling rallies that show weakness.

EUR/USD Forecast August 7, 2012, Technical Analysis

EUR/USD Forecast August 7, 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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