The EUR/USD pair spiked originally during the session on Tuesday as traders reacted to the fact that the Italians actually managed to get their bond auction off. However, they are now paying almost 8% for the 10 year note. This dawned on the trading community and sold off the Euro in kind. The second printing of a shooting star on the daily chart shows just how much trouble the Euro is having overall. The market is simply a “sell the rallies” pair now. We are doing just that, selling short-term bounces like we have seen recently.
Written by FX Empire