The EUR/USD pair rose during the Wednesday session, only to fall later in the day. The resulting candle is another shooting star as the support level holds – but the bulls cannot gain any real traction. Because of this, it is obvious that the 1.3 level is going to be crucial for the bulls to progress. If it gives way – we are selling aggressively as the market should fall to the 1.26 level. A bounce from these levels would only have us selling the rallies as the pair is looking quite weak at this point. A daily close above 1.35 would be needed for us to go long at this point.
Written by FX Empire