EUR/USD Technical Analysis August 11, 2011

EUR/USD continued its choppiness on Wednesday as the pair fell back to the 1.41 level again, and then promptly started to bounce back up again. The pair looks like what it truly is: a fight between two currencies most people don’t want to own. The consolidation area between 1.41 and 1.44 should continue to hold for a short time. Once we break either higher or lower – that will be your signal as to what direction you want to be trading in. In the meantime, it is a good market to scalp.

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