The EUR/USD pair initially fell during the day on Monday, but then turn right back around to form a hammer. With this being the case, the market looks as if it is ready to grind away in this general vicinity, perhaps bouncing between the 1.12 level on the top, and the 1.10 level on the bottom. Ultimately, after a short-term rally, I am simply looking for an exhaustive candle that I can start selling. I do believe that eventually the EUR/USD pair falls farther and continues to drop towards the 1.05 handle.
