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22.08.2012 06:01 PM
EUR/USD Bullish Outlook for August 22, 2012 (Daily Strategy)

 

Stock investors are waiting anxiously for economic stimulus package. As the Federal Reserve today is publishing the minutes of its last meeting, this could have a drastic effect on this pair. If there is any indication of quantitative easing in this publication, the euro could have a rally up to the level of 1.2670.
Many investors may want to close their sales orders and the pair can return to 1.2386 support, this will be a good entry point to buy the pair within the short term objectives to 1.2520, and further up to 1.2670.
The indicators on the 4 hour chart, showing overbought position at the end of today's session will define the direction that the pair will maintain in the upcoming days.

 

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