EUR/USD had a very bullish week as the hammer from the previous week got trigger to the upside. The pair has run all the way up to the 1.35 level, as well as the 50% Fibonacci retracement level from the fall back in September 2011. The latest move shows real strength, but the level that the market sits at now could cause some kind of pullback in the near-term. The 1.33 level looks supportive on the daily charts, so a pullback to that area could be in the cards, and also a decent buying level for the continuation higher of this pair. Of course, we could sell weakness from the 1.35 level if we see it – but the most recent move has us a bit leery of selling longer-term charts at the moment.
EUR/USD Forecast for the Week of February 27, 2012, Technical Analysis
Originally posted here
