EUR/USD Forecast for the week of October 29, 2012, Technical Analysis
The EUR/USD pair fell during the week overall, as the 1.30 level continues to be a resistive area. This market has been struggling as of late, as we have gone nowhere but sideways. The run up to this area was certainly a bit overdone, and now it’s a question of whether or not we are simply taking a break, or we are trying to form some type of bearish attitude.
Looking at this chart, you can see there is a mass as far as noise is concerned all the way up to the 1.35 level. Is because of this that we do not think there is a significant move coming anytime soon. However, we need to see the 1.28 level get broken down before we start shorting. Until this happens, we think this will not be a market suited for longer-term traders.
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