EUR Trading Outlook (12-04-2011)

The Euro (EUR) found heavy resistance towards 1.4500 and fell back on EUR/JPY selling and EUR/GBP selling. Consolidation and moves higher are likely but the market was overbought after strong moves higher recently and it is healthy for the uptrend to have pull backs. Overall the EUR/USD traded with a low of 1.4420 and a high of 1.4485 before closing the day around 1.4435 in the New York session. Looking ahead, German Zew Economic Sentiment forecast at 11.7 vs. 14.1 previously

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