EUR/USD: technical analysis – August 28, 2012

The sudden spike up today has undone predictions of further downside. If it pierces above the 1.2561 highs then it will probably extend up to the 100-day MA at 1.2604. Another alternative is some range-bound activity, and the current rally petering out before falling back down to the lows clustered at around 1.2460.

Written by Forex4you