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EUR/USD Forecast 21 August 12

 

Good day forex traders.

It is time for another EUR/USD update and with given the unpredictability of this currency pair, you never know whats around the next candle!

In the previous EUR/USD forecast we noted that the currency pair was still trading in a narrow range and the future direction remains uncertain.

 

eurusd chart

Solution : ProRealTime

Looking at the EUR/USD 4 hourly chart above, we observe a break out in progress. The possible technical triangle squeeze setup did happen! I LOVE IT WHEN MY CHART WORKS!

Long time readers will know it is my preference to not try predict exact targets but rather understand the market dynamics. Therefore everyone should understand that the EUR/USD is now facing a double resistance region of 1.24 / 1.245. Should the resistance fall, we may be looking at the extended target of 1.26.

It was reported that a senior official in German Chancellor Merkel’s party said that concessions are possible for Greece as long as there is a willingness by the Greek Prime Minister to achieve the requirements set out in the Greek bailout conditions. This probably set the stage for a bullish rally as investors welcome the indications of economic improvement. Borrowing costs were reported to have fallen for Spain too.

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