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EUR/USD Forecast 23 August 12

 

Good day forex traders.

Had a long day but i wanted to provide a quick update. ( As noted from the opinion box in the front page, most of you prefer shorter but frequent updates. )

We noted earlier that the EUR/USD formed a technical triangle squeeze and a breakout did indeed happened.

 

eurusd

 

Looking at the EUR/USD 4 hourly chart above, we noted that the break out almost reached the 1.26 extended target. I love it when my technical analysis works!

1.26 is a possible resistance region and a bullish resistance trend line is in the region too. With the end of the trading week reaching soon, caution is advised.

Remember, making profits is important. Retaining the profits is crucial!

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