EUR/USD Forecast October 23, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The EUR/USD pair rose slightly during the session on Monday as the 1.30 level held to be support. The area should continue to offer support, but we see a lot of noise above also. While this market certainly looks bullish, there is a taunt of resistance at the 1.32 level. With this being said, if you truly want to take position in this marketplace, long is probably the right direction.

Truth be known, if you want to be involved in the Euro, it will be easier against other currencies such as the Japanese yen. With this being said, we think that 1.28 should also offer support, so if we fall it will only be to that level. Going higher, we think will be very difficult but seems to be the preferred direction of market participants at the moment.


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