EUR/USD Forecast for the Week of Nov. 14th, 2011, Technical Analysis

EUR/USD fell during the week as the EU continues to make headlines in the financial markets. The pair seems to be “stuck” between the 1.40 area and 1.35 or so at this point. The candle formed for the week was a hammer, but there is obvious resistance ahead. Because of this, we don’t see buying until we can close above the 1.40 area on the daily chart. The overhead area is heavily congested, and as a result – we like staying out unless it is for a short-term move.

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