EUR/USD forecast for the week of October 15, 2012, Technical Analysis
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The EUR/USD pair fell for the week as we dipped down back below the 1.30 handle. However, by the end of the session we did get a bit of a bounce and formed a hammer. The 1.28 level seems to be the bottom, while the 1.30 level is the top and we think this signifies potential short-term consolidation. It should be noted however, that the Friday candle is a shooting star, so there is that the worry about if you are bullish. We see far too much noise between 1.30 and 1.354 this move to last much longer, and as such are looking to short this pair on signs of weakness.
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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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