The EUR/USD pair initially fell during the course of the session on Thursday, breaking below the 1.10 level. However, we turned right back around to form a bit of a hammer and therefore I feel that we are going to bounce. After all, we are a bit oversold over the last several sessions, but I think that rally will only offer an exhaustive candle given enough time which means it would offer value in the US dollar. I have no interest in buying, and I believe that the 1.1150 level will be essentially the “ceiling” in the market.
