EUR/USD had fairly volatile day on Wednesday as the Federal Reserve had its announcement signaling an extension of the “Operation Twist.” The market reaction was one of confusion, and at the end of the day, not much changed. The 1.27 level continues to act as both support and resistance, and there are many other concerns involving the Euro. The Spanish are having an auction today, and a poor result will send the Euro straight back down. The action lately does look toppy, like it is looking for a reason to sell. Because of this, we are looking for a weak candle to sell.
Written by FX Empire