EUR/USD Forecast December 21, 2011, Technical Analysis

The EUR/USD pair rose on Tuesday as the market bounced from the 1.30 level. The rise has been rather strong, but it also gave up a lot towards the end of the session. The 1.31 level proved to be resistive, and the situation in Europe simply hasn’t improved, even with a fairly successful Spanish bond auction for the day. The breaking below the 1.29 level is the next sell signal that we could get, but in this low volume market during the holidays, it is possible that we won’t see it until January. No matter what, we aren’t buying the Euro at this point in time. A rally could be sold on weakness, as well as a daily close below 1.29 as well.

EUR/USD Forecast December 21, 2011, Technical Analysis
EUR/USD Forecast December 21, 2011, Technical Analysis

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