By: Colin Jessup
The EUR/USD is falling slightly in the hours leading up to the London open, having run into that pesky resistance at 1.3230 again. Last week the pair produced a weekly hammer candle closing just shy of the resistance zone, and possibly indicating higher prices to come soon. If we can close above 1.3230 and then 1.3320, there is a strong possibility that the pair will retest 1.3650 which is a weekly resistance zone like 1.3230. The EURO has been more or less sideways for the past 2 weeks due to fear over the Greek debt crisis and slightly improving numbers for the Greenback. If prices fall rather than climb while the New York session is closed for Washington's Birthday look for support at 1.3140 and 1.3050. Any break below 1.2975 will most likely be a running of the bears to the 1.2900 level. With the EU Finance Ministers meeting taking place at 12:30PM GMT, this pair could be pretty quiet even after the London session begins.
Happy Trading!