The EUR/USD pair initially fell back below the 1.28 level during the session on Thursday, but found enough buying pressure below to turn things back
The EUR/USD pair initially fell back below the 1.28 level during the session on Thursday, but found enough buying pressure below to turn things back around and form a nice-looking hammer. This hammer suggests that we are going to continue to pressure this area just above that runs all the way to the 1.30 level. That area we believe is the barrier between up and downtrend, and ultimately we will be paying quite a bit of attention in this general vicinity. However, we are not willing to risk money at this point in time as we believe the markets will be rather erratic.
EUR/USD Forecast October 17, 2014, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
