EUR/USD Technical Analysis for July 4, 2011



The EUR/USD pair managed to peak above the top of Thursday’s shooting star towards the end of the Friday session, after being sent back down earlier in the day. Because of this, it appears this market wants to go higher. Even if I know of dozens of reasons not to buy the Euro, the markets always are correct – even when it doesn’t make sense. This pair goes higher, probably to 1.47 before seeing massive resistance. Of course, there are a lot of headline risks with the Euro, so this mood could change at the drop of a hat.

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