EUR/USD forecast for the week of October 22, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The EUR/USD pair initially rose during the week, testing the 1.3150 area again. However, by the end of the week we saw this market fall back to close just above the 1.30 handle. The resulting candle looks quite a bit like a shooting star, and this is formed just after the previous week's hammer. This suggests consolidation between the 1.3150 and 1.28 levels, and because of this we do not like the long-term trade until we break out of this general vicinity. Having said that, we are long and bullish above 1.32, and short and very negative below 1.28 as it would show a breakdown of the upward momentum.


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