The EUR/USD pair rallied for most of the session on Wednesday, but gave back a lot of the gains towards the end of the session. Fears of a weaker GDP in the US has people concerned, and therefore buying the Dollar to rush into the Treasury market. The 1.25 level below looks like it could offer support, and as a result we aren’t ready to sell just yet.
However, for those of you that are more aggressive, the pair should fall over the next couple of days as the market gets out of long Euro positions ahead of the Greek elections this weekend. The market looks weak, and as a result we only sell overall. Rallies are to be faded, and a daily close below the Tuesday candle has us aggressively short this pair.
Written by FX Empire