EUR/USD Technical Analysis for July 1, 2011

The EUR/USD pair rose again on Thursday, but gave up some of its gains towards the end of the day. It should be noted that there is a trend line that it ran into – and failed to crack. The 1.45 area seems to be holding it at the moment, and until we can close well above the trend line and 1.45 areas, we aren’t buyers. In fact, a pullback is probably likely at this point as the move has been overextended recently. A daily close above that trend line is what we need to buy this pair.

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