The EUR/USD pair fell initially during the course of the day but turned back around at roughly 1.0550 and formed a bit of a hammer. With this, it looks like we could get a bit of a bounce, but there is no real upward momentum as far as we can see. At this point in time, we will look for rallies that show signs of exhaustion in order to continue selling as we have not reached the next major support level at the 1.05 level yet. The uptrend line that had previously kept this market afloat should now be the ceiling.
