EUR/USD Technical Analysis October 3, 2011

EUR/USD fell hard on Friday as the markets continue to punish the EU for not getting a solution to the debt crisis finalized quickly enough. The 1.3350 area below is the last stand for the EUR/USD uptrend, and it seems that it is only a matter of time before that area gives way. If we get a break of that area, we will more than likely see the 1.30 handle in short order. If the pair rallies, we are simply waiting to sell as they fade. We cannot buy this pair at all as the trend is so strong to the downside.

Written by FX Empire