EUR/USD got an initial pop on Monday as the austerity measures passed in Athens. However, this excitement was short-lived, and the sellers stepped into the markets. The 1.3250 level has been one the market has been flirting with lately, and it also happens to be the 38.2% Fibonacci retracement level. The trend has been down over the last 6 months or so, and headline risks still abound in Europe so we feel much more comfortable selling the Euro than buying it. On a break of the bottom of the Monday session, we expect the pair to fall down to the 1.30 level. The buying of this pair isn't in our thoughts until we get above the 1.35 level, which also happens to be just a bit over the 50% retracement as well.

EUR/USD

EUR/USD Forecast February 14, 2012, Technical Analysis

EUR/USD Pivot Points (Time Frame: 1 Day)

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.2936
1.3032
1.3092
1.3188
1.3248
1.3344
1.3404

 Fibonacci
1.3032
1.3092
1.3128
1.3188
1.3248
1.3284
1.3344

 Camarilla
1.3109
1.3123
1.3138
1.3188
1.3166
1.3181
1.3195

 Woodie's
-
1.3023
1.3074
1.3179
1.3230
1.3335
-

 DeMark's
-
-
1.3218
1.3173
1.3062
-
-