EUR/USD Technical Analysis for May 4, 2011

The EUR/USD pair had a slightly bullish day today again, but the charts are starting to look a little tired at this level. It cannot be ignored that the last two days have formed shooting stars, and could be pointing south. The market has support below at 1.45 and 1.46 as well. Because of this, shorting isn’t recommended, but rather waiting for the pullback is. Buying at those levels might be the move to make.