The EUR/USD pair fell during the Monday session, but got a bit of a bounce once the market fell below the 1.28 level. The resulting candle is somewhat hammer like, but this sets up a very obvious short position if we managed to break the lows of the day. This would not only break the session lows, but a significant low put in back during the middle of September. If that gives violated, this market should make a run down to the 1.26 level in relatively short order. As far as buying is concerned, we would only do so on a break of the highs from the Monday session. The that move would more than likely find 1.30 as far too resistive.
Written by FX Empire