The EUR/USD pair fell hard on Monday as German Finance Ministers stated that the “solution to the EU problems aren’t going to be announced in a few short days”, which seemed to be what the market was expecting. The trend has been down, and the 50% retrace has held intact overall. The Euro continues to be plagued by indecision and high anxiety about the debt issues, and as far as we call tell – will continue to do so. The pair should be sold on rallies at this point, at least until the market makes a new high. The 1.40 level above should be massive resistance as well, should this market reach that level.
Written by FX Empire