With a lack of any real news coming out on Monday, the EUR/USD managed a bit of a bounce during the session. The pair actually dipped into the 1.26 handle at one point, but recovered to close above the 1.27 mark. The trend is still down, and the recent bounce will do very little to change that sentiment. The 1.30 level should be massively resistive in the future, and we prefer to sell this pair on rallies as the European Union has numerous problems that simply cannot be overcome easily at the moment. The pair will bounce from time to time as it can be choppy, but we think most rallies will be selling opportunities, and the 1.30 level should be a nice barrier for the sellers to lean on.
Written by FX Empire