EUR/USD Forecast for the week of August 20, 2012, Technical Analysis
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The EUR/USD pair rallied for part of the week only to give back most of the gains. In fact, the candle that formed for the week ended up running a shooting star. While the shooting star is within the digestive confines, it does suggest that the Euro is going to struggle to rally against many currencies out there.
Because of this, we are more than willing to sell a break of the bottom of last week’s candle in order to continue the downtrend. This would also coincide nicely with a breaking of the bottom of a rising wedge on the daily chart. This is essentially a “double signal” as far as we can tell, and those of the best because it has more people intrigued by it.
As far as buying the Euro, we actually have no interest in doing so as the situation in the European Union is far too toxic to be bothered with. In fact, until something massive changes we think this pair will simply be a “sell on the rallies” type of pair for quite some time.
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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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