EUR/USD Forecast 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 rose rapidly on Friday as the European Union meeting announced that the leaders had come up with a  “solution” to funding Spanish banks. The ECB looks likely to cut rates this coming week, and as a result it looks as if the market could turn right back around. Also, there is a shortage of details in this announcement, and this makes us cautious. 

However, it must be said that the move was strong, and this has to be acknowledged. In the end, the pair is still trading within its previous range of 1.24 – 1.28 and this could also play against the Euro as well. Because of this, we are looking for a weak candle to sell. We certainly won’t buy up here – this would be chasing the trade.

EUR/USD Forecast July 2, 2012, Technical Analysis

EUR/USD Forecast 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Your email address will not be published.