EUR/USD Forecast October 15, 2012, Technical Analysis

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EUR/USD rose during the session on Friday, but bounced off of the 1.30 handle yet again. Now it looks like we had formed a shooting star, and this of course is a bearish sign. We do have an uptrend line that the market is crawling across, and until we get below it we aren’t necessarily looking for any type of strong move.

It looks like the 1.30 level is going to continue to be massively resistive, and we see Norway’s and resistance all the way to the 1.35 handle. Ultimately, we would prefer to see the trend line broken to the downside, as it would be a much clear path to our targets. 1.28 is an area that we think could be support, and as such a move below that would be very bearish and have us aiming for 1.25. Because of the noise above, we do not have a trade in mind for going long. 

EUR/USD Forecast October 15, 2012, Technical Analysis

EUR/USD Forecast October 15, 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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