The EUR/USD pair fell during the session on Thursday, but did get a little bit of a bounce towards the end of the day as word got out that the Cypriots may be trying to work towards the original guideline for the EU bailout. However, we have no substantive agreement, and we should remember that the Italians are still without a governing coalition. Because of this, we believe that the downward pressure in the Euro will continue, although we could get a little bit of a pop. We think the 1.30 level is the start of significant resistance, and as such will be looking for candles to short on signs of weakness.
Written by FX Empire