EUR/USD Forecast October 9, 2012, Technical Analysis
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The EUR/USD pair fell during the session on Monday as the 1.30 level proved to be too rich for the currency pair. However, we do have an uptrend line just below, and it should continue to support this pair. Nonetheless, we must admit the fact that we could possibly be forming a lower high. We will confirm as if we managed to break down below the 1.2850 level. If that happens, we would become aggressively short. As for buying this pair, we aren’t as enthusiastic about as we think there is a taunt of resistance all the way to the 1.35 handle.
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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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