EURUSD Daily Forecast: August 24

By swibowo
24 August 2010 @ 12:38 am EDT

EURUSD Forecast:

The EURUSD continued its bearish pressure yesterday and seems convincingly move below 1.2700 area. This fact could trigger further bearish pressure testing 1.2523 – 1.2470 region as the “head and shoulders” bearish reversal scenario is now confirmed. Another upside pullback above 1.2700 will lead us to neutral zone as direction is unclear but I think overall the pressure is more to the downside and I prefer short on rallies at this phase.

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