EUR/USD Forecast October 1, 2012, Technical Analysis

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The EUR/USD pair initially rose during the Friday session, but fell once we get close to the 1.30 handle. The resulting move have the market falling down towards the 1.2850 level, and the candle does in fact look fairly week. If a break of the Thursday lows happens, it is very likely that we will end up testing the 1.2750 support level. In fact, we think this is a most likely scenario.

We still think that there is quite a bit of bullishness underneath this pair, and as such we aren’t necessarily going to be quick to short this market. We think eventually the Euro falls, but in the meantime it looks like we have a bit farther to go to the upside.

 

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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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