EUR/USD fell initially during the session here on Thursday, but ended up forming enough positive momentum towards the end of the day to form a little bit
EUR/USD fell initially during the session here on Thursday, but ended up forming enough positive momentum towards the end of the day to form a little bit of a hammer. The fact is that the market essentially used trying to digest its next move in this region, and as a result we are still sellers though because we believe the long-term downtrend is well-founded. However, we believe that the most important thing to pay attention to in this marketplace as the area between 1.28 and 1.30, as it is such a massive resistance barrier. If we do rally from here, we are simply looking for a resistant candle somewhere in the general vicinity of that zone.
EUR/USD Forecast October 24, 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.
