The EUR/USD pair initially fell during the session on Wednesday, but as you can see bounced high enough in order to form a hammer that is pressing against the 1.35 level. This is interesting because we expect this area to be massively resistant, and as a result we certainly wouldn’t buy in this area. In fact, we are waiting for some type of resistive candle in order to start shorting this pair, so at this moment time that’s what we are doing, sitting on the sidelines and waiting. We think that there is a high probability of the markets turning around and wiping out a lot of accounts in this general vicinity. With that danger, we simply wait.
Written by FX Empire