The EUR/USD pair originally fell for the session, but the markets covered short positions late in America in order to create a pop in this pair. The G8 meeting at Camp David over the weekend could produce some kind of headline that would be Euro positive, so the shorts got out. However, there is a long way to go in the European crisis and as a result we see this as a pair that will offer further selling opportunities on rallies. The 1.30 level should continue to be massive resistance at this point, and the 1.28 level could be a minor resistance area. We only sell this pair at the moment, so buying isn’t even possible.
Written by FX Empire