EUR/USD Technical Analysis October 21, 2011

EUR/USD had a wild day on Thursday as one would expect, given the nature of the financial crisis in European. The markets aren’t really sure what to do at the moment, and with the EU meeting over the weekend – one has to think the markets will simply wait until the outcome of those meeting in order to make a decision. For the Friday session, it is very likely that we see a range again, and probably a fairly small one as traders will not want to be in the wrong position on Monday when they wake up. The outcome of the meetings will more than likely set the tone for the Euro’s next move. We advise staying flat on Friday, unless the meetings are cancelled, or some other massive shock hits the news wires.

Written by FX Empire