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A bearish pattern may allow us to go short near a key AUD/CAD bearish trend line.
The excitement of Facebook’s IPO this morning overshadowed the market’s ongoing concerns about Europe. The euro recovered all of its losses against the U.S. dollar overnight and is now higher against the greenback in anticipation of a positive open for US stocks.
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It has been an extremely tough week for the EUR/USD. On Monday, one euro was worth 1.29 U.S. dollars and during the early European trading session, the value of one euro dropped to as low as 1.2641. The currency pair came within a whisker of its year to date low and if not for the excitement of the Facebook IPO in the early NY trading session and an end of the day push higher, that level would have probably been broken.
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