EUR/USD Forecast September 5, 2012, Technical Analysis

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The EUR/USD pair tried to rally during the session on Tuesday but failed. The 1.27 level above is still the top of this massive resistance area, and we are not buying this pair until we get above that point. Because of this, the shooting star that was formed for Tuesday is very interesting, and we would be remiss if we didn’t pointed out. It now looks as if a move below 1.2450 is a very bearish sign, and would bring out the sellers.

We are selling below that level mentioned above, and not buying until we get above 1.27 or so. In the meantime, there is a very high probability of choppy trading conditions, and as such there are easier trades out there to take.

EUR/USD Forecast September 5, 2012, Technical Analysis

EUR/USD Forecast September 5, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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It took the pair almost 2.5 days to drop from 1.2600 level to 1.2500. The pair was hardly able to touch the 1.2500 for a minute longer before it proceed to recoup almost all its loses within 4 hours today. What does this tells you about the sentiment of the market??? How is it that sellers are encountering so much more resistance than buyers?? Is’nt it easier to make money buying on dip than selling .