EUR/USD initially rose during the Wednesday session, only to fall at the end as the situation in Europe continues to worry the markets. The 1.32 level
EUR/USD initially rose during the Wednesday session, only to fall at the end as the situation in Europe continues to worry the markets. The 1.32 level held as support, and the shape of the candle for the day ended up being a shooting star, a bearish sign of course. The support level goes from 1.30 to 1.29, and as a result we aren’t ready to sell this candle. A break below 1.29 would be significant, and we would be very aggressive with our selling at this point. In the mean time, we don’t want to own the Euro, so we are waiting for a breakdown of the support level.
EUR/USD Forecast December 22, 2011, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
