The EUR/USD pair went back and forth during the course of the day on Wednesday, essentially doing nothing. With that being the case, we believe that the 1.15 level above is massively resistive, and we are looking for resistive candles in order to sell. We have no interest in buying, as the market is so bearish, and we do recognize that the market probably needs to reach down towards the 1.10 level, which is the next large, round, psychologically significant number below current trading levels. It is also a very massively supportive level on the longer-term charts, so we feel the market will test it.
