The EUR/USD pair did almost nothing during the Monday session, which of course would’ve been much of a surprise considering that the Americans were celebrating Memorial Day. On top of that, you have the British celebrating the “Spring Bank Holiday”, so of course the liquidity would’ve been low most of the day. That being said, we still see a significant shooting star that extends all the way to the 1.30 handle, an area that we anticipate significant resistance at. Overall though, we think this is simply a range bound pair, and a break lower will send this market looking for the 1.28 handle, before it runs in a serious support.
Written by FX Empire