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EUR/USD : Volatile but without a real medium term trend

Sentiment :

Due to hopes of an intervention of the ECB, the euro has started yesterday a strong bullish rally. The breakout of 1.24 and 1.2450 both gave us a new buy signal. The price is now moving between 1.2450/1.2475 and is going to test a pullback on 1.2450.

The pair is still moving into a large rising wedge (brown lines) and is going to test the paralell of the upper band of its long term bearish channel (dotted pink line).

We maintain to trade only long positions as far as 1.24 is support. The breakout of 1.25 and 1.2550 will both give a new buy signal.

In case of return below 1.24, a sell signal will be given. However, we prefer to wait the breakout of 1.23 to advise short positions. Most agressive traders could trade the pair according to 1.24.

Analysis published by Vincent, the 08/22/2012 at 09h30 GMT+2

Complete sheet of the pair EUR/USD - Previous EUR/USD Analysis
Chart of the pair EUR/USD - Timeframe 1H
Chart of the pair EUR/USD - Timeframe 4H
EUR/USD Live Chart - Timeframe : 4h