EUR/USD Forecast Nov. 4th, 2011, Technical Analysis

Even with an interest rate cut, the EUR/USD managed to rise at the end of the session. With the Greeks and their teenage-like drama unfolding, the markets are being held hostage by a completely dysfunctional government at this point. As the referendum was put to rest, the Euro suddenly spiked again. It literally depends on random statements out of the EU at this point. The 1.40 level above should still be resistive, and with all of this noise, only the most nimble of traders should even consider being involved in this pair now. We are sitting on the sidelines with not only the Non-Farm Payroll numbers coming out, but the G-20 summit wrapping up – there is real chance for extreme moves again for the Friday session.