EUR/USD forecast for the week of September 10, 2012, Technical Analysis
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The EUR/USD pair rose during the week after the ECB promise to buy bonds from several of the nations in the region. This gave a little bit of confidence to the marketplace, and we broke out over the 1.27 level on Friday as the Federal Reserve looks very likely to ease its monetary policy after a particularly poor jobs number out of the United States.
Interestingly enough, this pair stopped just at the 61.8 Fibonacci retracement level, but we feel that there is a bit of an air pocket all the way up to the 1.30 handle. Simply put, this pair should continue to rally. However, we feel the 1.30 will be an area that will offer a ton of resistance in this market. For the longer-term trader, it is probably going to be one major to wait until we get there to look for signs of weakness to sell.
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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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