EUR/USD Forecast May 7, 2012, Technical Analysis

The EUR/USD fell hard for the session on Friday as the markets reacted to the bad jobs number out of the United States. There are elections in France and Greece over the next few days, and as a result the Euro will be a potentially choppy market over the next few days. The 1.30 level below has been massive support, so until that level gives way – there is always a chance of a bounce in this pair. In fact, the markets should have priced the election results into the pair, so although we are very bearish, we sell rallies until we get a solid close below the 1.30 level. At that point, we would sell aggressively.

EUR/USD Forecast May 7, 0212, Technical Analysis

Written by FX Empire