The EUR/USD pair initially fell during the Monday session, but found enough support that we bounced all the way up to the 1.3120 area by the end of the day. This formed a fairly odd shaped hammer, but in reality we are now just underneath a serious resistance area. Because of this, we find this market very difficult to go long and at the moment and see a serious potential for some type of bearish candle to print over the next 24 or 48 hours. If we get that, we would be willing to do ahead and sell this pair as the recent breakdown below the 1.3 15 Is the Rd. level was indeed very bearish. As for buying, we still need to see a daily close above the 1.33 level to be convinced.
Written by FX Empire