The EUR/USD pair fell initially during the course of the day on Tuesday, but found enough support at the 1.13 level to turn things back around and form a hammer. That being the case, the market looks as if it is ready to continue grinding away sideways. We believe that the market will continue to be consolidative but it’s probably going to be easier to simply sell this market on signs of resistance at the 1.15 handle. Ultimately, we feel that this market will probably continue much lower, perhaps heading as low as the 1.10 handle over time.
