EUR/USD Technical Analysis September 28, 2011

EUR/USD rose for the session on Tuesday, but pulled back late in trading as reports came out of the EU that there was some kind of disagreement on the amount of “haircuts” or losses on Greek bonds. If this part of the agreement dissolves, it is a game changer and not in a good way. The pair is massively bearish, and any sense of trouble out of the EU sends this pair down. Because of that fact alone – we are net sellers on rallies. If we can break below the 1.34 level – this pair falls much, much farther.

Written by FX Empire