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Published on Jul 26, 2016
The
Euro rallied initially during the day on Tuesday, but found the area
above the 1.10 level to be a bit too resistive. With the FOMC Statement
coming out today, we could get a bit of volatility in the US dollar, but
I believe at this point in time this is a one-way market, in the sense
that I can only sell. The problems in the European Union will continue
to hamper growth in the value of the Euro, and of course the US dollar
is the logical place money will flow. The fact that we formed a shooting
star is of course a negative sign as well, and we have recently broken
down below the bottom of the rectangle which measured 200 pips. With
this, I believe that we will reach towards the 1.08 level given enough
time.
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