EUR/USD Technical Analysis September 29, 2011

The EUR/USD pair rose on Wednesday, but fell later in the day as traders sold off risk. The Euro still have massive uncertainty surrounding its prospects, so buying it doesn’t appeal to many. The market is massively bearish, and it seems that 1.35 is an area that needs to be “given” in order to continue to the downside. The fundamentals are screaming for safety trades at this point, and all rallies have been selling opportunities. We are selling the EUR/USD every time it rallies, and would be interested in selling a break of the Monday lows. We don’t buy at all.

Written by FX Empire