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Published on Oct 13, 2016
The
Euro initially fell during the day on Thursday, but turned right back
around to show signs of support as we bounced enough to break towards
the 1.105080. With this being the case, I feel that the market will
probably try to bounce towards the 1.1150 over the next couple of
sessions, so we can have a short-term rally. On the other hand, if we
break out below the 1.10 level, and more importantly the bottom of the
candle for the day on Thursday, we can see the market try to break down
significantly, perhaps down to the 1.08 handle. Longer-term, I feel that
it’s much easier to sell this pair than buying it, but I do recognize
that the pair does tend to chop around so it makes sense that this minor
bounce is about to happen.
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