Euro Dollar lost ground and couldn’t get back up after the split between European leaders is becoming more obvious and is preventing a decisive solution. Tension is mounting towards the all-important press conference by Jean-Claude Trichet. Here’s a quick update on technicals, fundamentals and what’s going on in the markets. The EUR/USD pair fell hard during the Wednesday session. The pair is finding that the current levels are a bit lofty, but isn’t necessarily a sell as the 1.45 needs to be retested before we can feel that we are on firm footing. The pair is subject to major headline risk, so this consolidation area will not last long, of this we can be sure. We are looking to buy above 1.47, or sell below the 1.45 support area.
