EUR/USD Forecast May 8, 2013, Technical Analysis

The EUR/USD continues to grind away sideways, stuck in a consolidation area between the 1.30 handle, and the 1.32 level. With that being the case, this is not an easy currency pair to trade unless you’re going to scalp it, and as a result we are very neutral when it comes this market. The action on Tuesday tried to rally, but as you can see we simply formed a shooting star. This shooting star sits on top of the 200 day exponential moving average, which of course is completely flat. Again, this is a short-term traders market only at this point.

 

EUR/USD Forecast May 8, 2013, Technical Analysis

Written by FX Empire