EUR/USD Technical Analysis October 4, 2011

EUR/USD continued to fall on Monday as traders worry about the Greek situation. The pair has been whacked lately as the markets continue to buy the USD against most other currencies, and as the Euro is the absolute epicenter of the crisis. The bailout funds seem to still be on the docket in general, but the reality of the situation is that anytime this pair rises, selling is by far the preferred action. Until there is an absolute solution to the debt crisis, this is a “sell only” pair, and most rallies will simply be a chance to sell the pair from higher levels. We have 1.30 as the next massive support zone to contend with.

Written by FX Empire