EUR/USD Forecast for the Week of July 2, 2012, Technical Analysis

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

The EUR/USD pair was once again the epicenter of the Forex markets this previous week, as the European Union had its two-day meeting on Thursday and Friday. The women area announces coming out late Thursday gave the “risk on” mode a boost in this and other risk sensitive markets.

The weekly candle is a hammer, and it does seem to be based right around the 1.25 level. However, the Europeans have a long history of disappointing once the details come out and as such we are overly excited or ready to buy the euro quite yet. Europe still has a very sluggish Outlook going forward and the ECB is expected to start cutting rates soon. Because of this, we think that this market is setting up for an opportunity sell from higher levels. However, we have not seen that candle that we want to sell yet. With this being said, for the longer-term trader we are going to need to wait for the right signal on the weekly timeframe.

EUR/USD Forecast for the Week of July 2, 2012, Technical Analysis

EUR/USD Forecast for the Week of July 2, 2012, Technical Analysis

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.