EUR/USD Forecast Nov. 18th, 2011, Technical Analysis

EUR/USD rose back above the 1.35 level on Thursday, only to fall back below it. The resulting candle for the session is a shooting star at the bottom of a down move – always a bad sign as it shows a rally that failed. Because of this, we would sell even more Euros if the bottom of the Thursday range gives way to the downside. It has become obvious that rallies are to be sold as well in this market. The poor bond auctions in the EU continue, and as long as they do – there will be serious pressure on the Euro in general.

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