EUR/USD Forecast October 22, 2012, Technical Analysis

Posted October 20, 2012 2:06 (GMT) | By FX Empire Analyst - Christopher Lewis | Print | Font Size
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The EUR/USD pair fell on Friday again, as we find the 1.3150 level far too tough for the buyers to take out. However, there is a trend line below that could provide support going forward. With this in mind, we are not ready to start selling the Euro yet, but would actually wait until we got to make a new low at the 1.28 level.

There is a potential for a new consolidation area to form between the 1.28 and the 1.3150 level, and as such we look at this more as a short-term trading opportunity. However, we do feel that there is serious potential for the Euro to start falling again as the European Union still awaits some type of debt deal for Spain.

EUR/USD Forecast October 22, 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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samtaylor_7@hotmail.com

Hi Chris,
thank you for the great tech analysis.
Would you please tell me what you consider to be “supportive” and “resistant” candles?
Thanks,
Carole

FX Empire Analyst - Christopher Lewis

Supportive and resistive candles would include the following:

hammers, shooting stars, engulfing candles. Also, you have to look at the “feel” of these candles, in other words, if there is a nice long green candle at support, it is certain supportive as well.

Hope that makes sense.

Chris