By FXEmpire.com
The EUR/USD pair fell for most of the Thursday session as the European manufacturing situation looks bleak. There is concern about a slowdown in China, and as such the “risk off” trade came into vogue. However, by the end of the session we saw a constructive bounce that formed a hammer on the daily chart.
The pair is effectively trading between the 1.3250 and 1.30 levels at the moment. This move suggests that we could see another push back to the 1.35 level, but there is a staggering amount of resistance above. In this light, we are only selling Euros are the moment. In order to even think about buying, we need to see the 1.35 level cleared on a daily close. The selling of rallies on signs of weakness is our plan. 1.3250 and 1.35 are of special interest for our selling.
EUR/USD Forecast March 23, 2012, Technical Analysis
Originally posted here
