EUR/USD Forecast July 4, 2012, Technical Analysis
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The EUR/USD pair had very little to say during the Tuesday session as the world awaits the ECB meeting. In the meantime, this pair will probably grind sideways overall, suggesting that trading will be an extremely short term affair. After the ECB meeting, and the nonfarm payroll announcement on Friday, we may eventually have some type of clarity on the direction of this pair.
The candle for the Tuesday session wasn’t quite necessarily a neutral candle, but close enough for us to not get excited about buying. As for selling, the Friday candle from last week hasn’t been overtaken, and it has to be assumed that there is still plenty of appetite for Euros out there right now. With this in mind, we are basically flat of this market for the next 72 hours. Of course, we would follow the technicals if something serious happened such as a breaking below of the Friday candle, or a new high being put in above the current price. Otherwise, we are to simply wait and see with these announcements say.
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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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