EUR/USD Forecast October 4, 2012, Technical Analysis

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The EUR/USD pair attempted to rally during the session on Wednesday as the Euro continues get a bit of a reprieve. However, the 1.30 level looks to be a bit too restrictive for this currency, and as such it appears that the shooting star is the first sign in an attempt to break things down from here. We do have a trend line that is supporting this market presently, and as such it needs to be overcome in order for the shores to prevail. We see the 1.2750 level as supportive, and as such we think if we can get below that level we will not only break the trend line, but horizontal support as well.

Alternately, if we break the top of the session highs and the 1.30 level this would be very bullish for the Euro. With the nonfarm payroll numbers coming out tomorrow, it’s hard to believe that we had some type of massive move over the next 24 hours, but nonetheless these areas in these triggers are still there.

 

EUR/USD Forecast October 4, 2012, Technical Analysis

EUR/USD Forecast October 4, 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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