The EUR/USD pair went back and forth during the Friday session, testing the 1.3250 resistance level, and the 1.3150 support level. In the end, the market did essentially nothing as we closed almost unchanged. We believe that this market will move drastically, based upon Italian elections more than anything else in the short term. With that being the case, we would advise being out of the market until after the Italian election results are announced, and observing the reaction. There are several anti-austerity groups involved in the Italian elections, and if the win a majority, it will certainly put a chill down the spine of the collective market. Under those circumstances, the Euro will certainly fall.
Written by FX Empire