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Published on Oct 10, 2016
The
EUR/USD pair fell during the course of the day on Monday, slicing
through the 1.1150 level below. Because of this, it looks as if we are
going to test what I believe is the bottom of the support range, the
1.11 level below. Once we get below there, at that point in time feel
that the market should then go towards the 1.10 level below. Any rally
at this point in time I think will end up being a selling opportunity as
soon as we see signs of exhaustion. Exhaustion of course would continue
the downward pressure that we have seen for some time, as we now have a
descending triangle. The fact that we are starting to break down now
somewhere near the 75% part of the triangle is also very encouraging for
the sellers. At this point in time, I don’t have any interest in buying
this market until we get well above the top of the downtrend line of
the triangle, and even then I would have to think about it.
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