The EUR/USD pair fell for the week as the markets continue to worry about the various debt markets around the region. The late hours of Friday finally saw the Greeks officially called to be “in default”, but by the time it happened: there was almost no reaction as the market largely expected this.
The shooting star for the week shows that we may see continued weakness, and we are in a downtrend channel. The 1.30 level below seems to be supportive tough, so we are looking for a daily close below that level in order to get short. This buying of this pair isn’t even a thought at the moment, and if we get a bounce from this area we will look to see if we get weakness at the 1.35 level.