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Published on 31 Oct 2016
The
EUR/USD pair fell significantly at the beginning of the session on
Monday, but did find enough support just above the 1.09 level to turn
things back around. By doing so, we ended up forming a reasonably
supportive candle that suggests perhaps the buyers aren’t quite done.
Because of this, I think that we will try to reach above the 1.10 level,
but I see a significant amount of resistance in that general vicinity
that could turn this market back around. With this, I think that we will
sooner or later see sellers reenter this market so that we can take
advantage of what has been a very strong downtrend. A break below the
bottom of the hammer would of course be a selling opportunity as well,
as we should reach towards the 1.0850 level below.
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