EUR/USD Technical Analysis for May 5, 2011 |
posted 7:01 05/05/11
The EUR/USD pair had a slightly bullish day today, but the charts have printed a shooting star candle as the pair looks a bit overbought in this area. On a pullback, we should see 1.45 and 1.43 form considerable support for this pair. The ECB has a meeting/rate announcement tomorrow, and the market could wake up suddenly if the bank either tightens, or doesn’t get an indication that it will in the future. Currently, traders are expecting a rate hike in June, and anything that flies in the face of that could upset the markets.
Originally posted here.
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