The EUR/USD pair rose during the Thursday session in order to retest the 1.28 resistance level. Also, you can see that the 100 day exponential moving average is plotted on this chart, and it has offered resistance for the second day in a row. This market looks like it’s trying to break out to the upside, but we will not be convinced until we close above 1.2850 or so, as it would show a shift in momentum. This market looks a bit clustered at this point in time, but we do prefer the down side over the upside as there is so many problems with Europe entering recession.
We will be looking for weakness to sell on short-term trades, but don’t expect anything big in the next 24 hours or so.
