EUR/USD had a whippy day on Friday as traders aren’t sure what the G-20 conference will produce over the weekend. Without a doubt, the debt crisis in at the fore front on the meeting, and any announcement will certainly have an effect on the pair’s price action Monday. More ominously will be if there is no statement or action. If that is the case – this pair will come undone in a hurry. Because of this, we expect to see something pro-Euro, but the most likely outcome of that is a selling opportunity from higher levels. For the time being, one has to wait for a statement to have any real analysis of the short-term direction. The long-term certainly looks bleak for this pair though.
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