EUR/USD Forecast June 28, 2012, Technical Analysis

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The EUR/USD pair had another slightly bearish session on Wednesday as the markets prepare for the European Union’s summit over the next 48 hours. The market is currently thinking that this will be yet another disappointment, and in some ways you could make the argument that the real risk for a shock would be to the upside. However, with the problems in Europe being so complex, there is a real chance that we continue the slide lower afterwards. Adding to this is the fact that the rumor mills will end up being very active during the meetings, so this pair could be very difficult over the next two days. However, looking at the charts, we are selling a break of the 1.24 level. As for buying – we aren’t. 

EUR/USD Forecast June 28, 2012, Technical Analysis

EUR/USD Forecast June 28, 2012, Technical Analysis

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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.

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