The EUR/USD pair initially fell during the course of the session on Friday, crashing into the 1.11 handle. However, we ended up finding enough support down there to turn things back around and form a hammer, thereby showing signs of strength. This isn’t a sign that we should serve buying, rather that we may get a bit of a relief rally, offering a selling opportunity at higher levels such as the 1.15 handle. Resistive candles will be used to sell this market again and again. We believe ultimately we head down to the 1.10 handle.
