EUR/USD Technical Analysis for July 8, 2011

EUR/USD fell hard on Thursday, but managed to form a hammer right above the 1.43 area, a level that has shown it to be minor support and resistance in the past. Because of this, we feel that the next move is probably up but are reluctant to get involved in this pair at the moment as there is simply too much headline risk in it. We prefer to wait until the smoke clears with the various downgrades in Europe that are sure to come in the next few weeks.

Written by

Forex Mansion