EUR/USD Technical Analysis for August 5, 2011

The EUR/USD pair fell on Thursday as the trading community ran for the hills. The ECB basically said nothing at its conference call on Thursday, and that spooked the markets. The pair has taken a decidedly bearish turn, but the 1.40 area hasn’t been broken yet. If it is – we are massive sellers. Also of note, the debt crisis in Europe has gotten worse as bonds are being forced to pay higher yields. The pair is a sell only pair now and we will continue to sell rallies at this point.

Written by FX Empire