EUR/USD Forecast September 6, 2012, Technical Analysis

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EUR/USD pair rose during the session on Wednesday as the 1.25 level held as support again. The 1.26 level has been pierced yet again, but is still offered a bit of resistance. With the ECB statement coming later today, this could be a telling session as the 1.27 level is massively resistive. If that level gives way, we think the 1.30 level will be almost a given.

However, if we manage to break down below the 1.25 level on a daily close we think this pair could continue much lower. The real support of course is that the 1.24 level, and once we get below that we think 1.20 is very doable.

EUR/USD Forecast September 6, 2012, Technical Analysis

EUR/USD Forecast September 6, 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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when you say ‘broken’, what do you mean exactly? what’s your verification that a level, 1.27 or 1.25 in this case, has been broken? by how many pips and for how long a time does the level need to be pierced in order to be considered broken? is a 10 pip, 10 minute breach which then recoils enough, or does it have to be say a one hour bar which closes above the contested level? I’m not being picky, I really would like to know. Obviously, the definition of a break of a level is vitally important here. thank you.

FX Empire Analyst - Christopher Lewis

Daily close above or below the candle.