EUR/USD Forecast July 20, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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EUR/USD had a volatile session on Thursday, to essentially end up unchanged. With the three hammers from the previous sessions this week it looks like this pair is trying to find a bit of support in the general vicinity though, and it is because of this that we are flat of this market at this moment in time.

This market is certainly oversold, and as such we are waiting for bounce to sell from again. We think that the 1.24 level above should offer plenty resistance going all the way up to 1.27, so there should be ample time to look for a nice daily bar that looks weak to sell from.

In the meantime, we are simply biding our time as there are much simpler setups out there. Although this is the most popular currency pair, it doesn't always make it the easiest one to trade. If we do not get the bounce that we are expecting, we would of course sell on a break down below the 1.2150 level.

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