EUR/USD Technical Analysis for August 12, 2011

The EUR/USD rose for a while on Thursday, but started to pull back in the later hours as the markets continue to go back and forth around the world. The pair is still grinding lower overall, and we prefer selling until the pair can break above the top of the downtrend channel drawn on the chart. The 1.40 area giving way would be a massive sell signal, and we would then become very aggressive at that point in our selling. Any weakness near the 1.44 area, the recent highs, we will sell as well.

Written by FX Empire