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Published on Aug 9, 2016
The
EUR/USD pair initially tried to fall during the course of the day, but
as you can see found support later during the session and rallied a bit.
However, I think there is still quite a bit of resistance above, and
ultimately I am a seller over the longer term. I’m looking for an
exhaustive candle in order to start shorting, and believe that the 1.12
level above will continue to be a bit of trouble for buyers. I do
recognize that the 1.10 level below is massively supportive, so expect
volatility no matter what happens next. I think that perhaps the Federal
Reserve can’t raise interest rates is much as once thought, but quite
frankly the European Union is in exactly where you are going to find
yield either.
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