EUR/USD Forecast January 3, 2012, Technical Analysis

EUR/USD had a very flat day on Monday as traders simply aren’t back in force from the holidays yet. With very little in the way of news to move the markets, they basically sat still during the session. The pair does remain below the 1.30 level however, and the 1.29 level is sitting just below. We have maintained that if the 1.29 level gives way on a daily close to the downside, this pair would fall much further. The pair hasn’t managed to stay under that mark for the close of the day yet, but with all of the pressure that one can plainly see on the charts, you would have to think it is only a matter of time. Until that happens, the only real play is going to be selling the rallies as they simply cannot last long enough to push this pair upwards in any meaningful manner.

EUR/USD Forecast January 3, 2012, Technical Analysis

Written by FX Empire