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Published on Oct 11, 2016
The
Euro broke down significantly during the course of the day on Tuesday,
as we have cleared all of the support that extended down to the 1.11
handle, and now are starting to head towards the 1.10 level below that.
You can see that on the chart I have a descending triangle market, and
yesterday I suggested that if we broke down now that would be very
bearish sign. I also suggested that rallies could be sold as the
downward pressure seems to be continuing, and at this point time I think
that the Federal Reserve is likely to still be in focus, and with the
FOMC Meeting Minutes coming out during the day today, we could get a bit
of volatility when it comes to the US dollar in general. Rallies at
this point in time should continue to see the 1.1150 level as a bit of a
“ceiling” in this market.
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