EUR/USD Technical Analysis August 24, 2011

EUR/USD rose on Tuesday as traders bought stocks and risk-related assets around the world. The candle that was formed rose all the way to 1.45, but was sold aggressively as the level hold again. The close is just below the downtrend line that we have also drawn on the chart as well. Because of this, even with the massive bullish action during the session, we feel that this pair isn’t’ quite ready to launch just yet. The pair would have to close above the 1.45 level on the daily chart first for us to get in on the long side. A break below the lows on Tuesday would signal selling for us in this pair.

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