EUR/USD Technical Analysis September 1, 2011

EUR/USD fell again on Wednesday as fears over European debt issues reared their head again. The market is fragile at this point, but to be honest – the choppiness has taken a lot of the clear cut support and resistance areas out of the picture. The 1.4350 area just below the close is an area that we have seen a lot of back-and-forth lately. The pair is a matter of trading two ugly currencies, and as such – this pair will be very choppy for a while. Until we get above the 1.4550 area – going long is difficult, and selling is getting harder and harder as the lows are getting higher. Because of this – we fell that the Friday Non-Farm Payroll number is going to be vital in determining the future direction. In the mean time, we expect very little in the way of clarity.

Written by FX Empire