EUR/USD Forecast June 6, 2012, Technical Analysis

The EUR/USD pair fell during the session on Tuesday as the risk off attitudes came back to the markets, albeit in a limited mode. The pair seems to have reacted to the 1.25 level as resistance, and this move did produce the hammer at the end of the day though. This makes us think that this pair could attempt to rally at this point. The breaking of the Tuesday highs will be a signal that the pair will attempt to go much higher. However, there is a nice cluster of resistance sitting just on top of it from the four shooting stars two weeks ago that will put a lid on this market. Once it overcomes that area, 1.28 is being targeted. As for selling, a fresh low would have us doing that.

EUR/USD Forecast June 6, 2012, Technical Analysis

Written by FX Empire