The EUR/USD pair gapped up originally during the Monday session as the word got out about the Greeks passing a measure to bring about more austerity in order to get their bailout money. The pair has recently been caught between the 1.3250 and 1.30 levels, and as a result we saw an assault on the upper level. The pair did manage to pierce that area, but later in the session saw the pair fall back below the level. The 100 day EMA is sitting just above current levels and the market looks set to struggle at this point. The candle for the session is a doji, and as a result the signal is a break on either side. At this point, we prefer to sell on a move down as the consolidation has been so strong.
EUR/USD Forecast February 21, 2012, Technical Analysis
EUR/USD Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3