EUR/USD rose during the session as word of an agreement in Athens hit the wires. However, it should be noted that the reaction was somewhat subdued, and this good news will have already been priced into the markets by a large extent. The news also came without any major details, and a German comment that it didn't appear to be strong enough to placate the Troika.
The 100 day EMA is in the area and the candle looks a bit like a shooting star. It is perhaps a signs of things to come, and as a result we aren't ready to buy at this point. However, there is a bit of support below, so a sub-1.32 print is needed for us to sell. More than likely Friday will be a big day if there is an announcement or even a non-announcement out of Brussels. We will take the same path as the market, and trade on a breakout of the top of the range to the long side and aim for 1.35, or sell sub-1.32 and aim for 1.30 or so.
EUR/USD Forecast February 10, 2012, Technical Analysis
EUR/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3