EUR/USD rose during the session on Friday as the market tried to rally on all things risky. However, there is a massively important meeting in Europe on Monday that will decide whether or not the Greeks get their bailout. Perhaps it was a fear that headlines could come into the market and wreak havoc on the pair that caused the selloff, or perhaps it is real weakness. Either way, this pair looks like it wants to fall. However, the 1.30 level below extends support down to the 1.29 mark, and that will have to be overcome for any down move to pick up a momentum. As far as buying the pair will need to overcome the 1.3250 level for us to get long at this point. In the meantime, expect a lot of noise.
EUR/USD Forecast February 20, 2012, Technical Analysis
EUR/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3