EUR/USD Forecast for the Week of Nov. 28th, 2011, Technical Analysis

EUR/USD fell hard during the week as the debt crisis is starting to infect Germany as well. The Germans had a failed debt auction this week, and the markets got spooked as a result. The pair is decidedly broken at this point, and the all-important 1.35 level finally gave way to the bears. The breaking of 1.31 will be watching for now, and could open the door to 1.30 and 1.25, respectively. The pair could and probably will bounce at one point or another, and this could be looked at as a selling opportunity as the EU looks unable to come to grips with the problems facing it in the debt markets. We sell rallies, and will not buy this pair anymore.

EUR/USD Forecast for the Week of Nov. 28th, 2011, Technical Analysis EUR/USD Forecast for the Week of Nov. 28th, 2011, Technical Analysis

Leave a Reply

Your email address will not be published. Required fields are marked *