EUR/USD Forecast December 29, 2011, Technical Analysis
The EUR/USD pair fell on Wednesday in low volume trading. The pair is supported all the way down to the 1.29 level, so while the break of the 1.30 level is significant, it isn’t a sell signal in and of itself. The pair looks to be very well supported at this area, so selling is going to be very difficult. The 1.29 level has to be broken to the downside in order to get overly bearish in this pair as it has been so resilient over the last several weeks. The pair can’t be bought right now, and any rallies will also have us selling on signs of weakness.