EUR/USD Forecast for the Week of December 5, 2011, Technical Analysis

EUR/USD had a bullish week, but gave up a significant chunk of those earnings on Friday. The resulting candle looks like a shooting star at the end of the recent plunge in prices, and signals that we might struggle to maintain higher prices. The breaking of the bottom of the week’s range would be a very bearish signal, and would attract more sellers at this point. The buying of this pair will be almost impossible as the headline risks are numerous out of the EU right now. With the Germany – France meeting on Monday and the EU summit on Friday, there should be plenty of disappointment for all involved. We like selling rallies still as long as we are under the 1.36 handle.

EUR/USD Forecast for the Week of December 5, 2011, Technical Analysis EUR/USD Forecast for the Week of December 5, 2011, Technical Analysis

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