EUR/USD Technical Analysis September 12, 2011

The EUR/USD pair finally came undone during the Friday session, and we have had a major breaking of support as a result. The pair smashed through the last of the support that it had, and as a result is now a “sell only” pair at this point. We are selling rallies and new lows. We will not buy this pair, even on the inevitable bounces, as there is simply far too much trouble to be found in the EU these days. 1.40 should be the cap for any massive snap backs.

Written by FX Empire