The market saw the EUR/USD pair shoot straight up during the Tuesday session as the rumors of a Greek bailout agreement hit the markets (again) during the session. The agreement wasn't done before the end of the session, and the markets could be disappointed. However, it appears that the market is ready to take the bait again, so the next move could be higher.

The 1.32 level has been breached, and now the next resistance area is at the 1.35 level, assuming we can move forward from this level. The pair is going to be prone to headline risks, and as a result - traders will have to keep their stops tight if they buy it. The market looks bullish at the time of writing however, and all things being equal - this pair continues higher.

EUR/USD

EUR/USD Forecast February 8, 2012, Technical Analysis

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

 Name  S3  S2  S1  Pivot  R1  R2  R3

 Classic
1.2964
1.3030
1.3157
1.3223
1.3350
1.3416
1.3543

 Fibonacci
1.3030
1.3104
1.3149
1.3223
1.3297
1.3342
1.3416

 Camarilla
1.3231
1.3249
1.3266
1.3223
1.3302
1.3319
1.3337

 Woodie's
-
1.3045
1.3188
1.3238
1.3380
1.3431
-

 DeMark's
-
-
1.3383
1.3239
1.3190
-
-