EUR/USD Pair Up on ECB – Doji Pattern

Speculation that the European Central Bank will provide liquidity to Cyprus has prompted currency trader to buy the EUR/USD pair.

The pair has recently been affected by US dollar strong rally and Euro Zone financial crisis woes.

The Euro currency has swung into a downtrend since the 1 of Feb. Perhaps, is still far from bottoming. A support level around 1.27 shall help regain some temporal strength till The Euro Zone announces some positive statement.

It is no time to buy or sell the EUR/USD. While the currency has room to move downward, volatility could increase at this level due to current uncertainty.

Savvy investor would remain in the sideline waiting for a confirmation to buy. The pair is cheap again and have the probability to return high profits.

The weekly chart is forming today a Doji pattern which could signal that seller are no so keen and are losing conviction in the downtrend.

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