By FXEmpire.com
The EUR/USD pair continues to rise on Monday as the possibility of a bullish flag being formed is still contemplated. The flag look like the final target would be as high as 1.65, based upon the “pole” of the pattern. Also, there is the possibility that we are not in a flag pattern, but rather a downward channel. Either way, this pair will be beholden to the Tuesday meeting between Sarkozy and Merkel. The reaction to that meeting could be the key for the destination for the pair in the long-term. If the EU cannot come to some kind of solution to the debt crisis, this pair will sink like a stone. In the meantime, the top of the flag is roughly 1.45, and if we can close above that level on the daily chart, we will be long this pair for several weeks if not months or years. Tuesday really could be that important. A failure to come to terms will be a simple sell and watch it fall scenario. In the interim, we are sitting still in this pair.
About the FX Empire:
Readers of FX Empire have made clear it’s their first stop for daily and weekly news and analysis. The FX Empire proudly delivers technical analyses, fundamental analyses, Forex news, broker reviews and more; keeping our readers the best informed in the industry.
Check out the latest Brokers Reviews by FX Empire: Marketiva Review, MB Trading Review.
