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EUR/USD Forecast 16 August 12

 

Good day forex traders.

Hope everyone is trading well so far. Having a very terrible maigraine. Popped quite a number of painkillers today. -.-

In the previous EUR/USD forecast i mentioned about a bearish possibility based on technical analysis.

 

eurusd

 

Looking at the EUR/USD 4 hourly chart, we noted that the currency pair did go bearish and dipped to the 1.22 region. I love it when my technical charts work! Having said so, the currency pair bounced up again and is nearing the 1.24 double resistance region. This may be due to the hawkish comments from Chinese  Premier Wen Jiabao. He mentioned that inflation is easing and hence there will be more room for adjustment of the monetary policy. He also mentioned that the economy is showing positive signs. As mentioned always, China is often a driver of the global economy and hence any positive developments will usually spur positive sentiments.

Trade safely.

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