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Published on Nov 17, 2016
The
Euro continues to slide as the Thursday session initially saw buyers
enter the market, and then the market roll over completely. It looks
like the 1.05 level being tested is all but a foregone conclusion at the
moment, but with the overextension of the selling pressure, I prefer to
see short-term rallies that I can sell on signs of exhaustion. I think
that the 1.08 level above is essentially the absolute “ceiling” of the
market at the moment, and I have no interest in buying. I do recognize
that we will probably bounce significantly off the 1.05 level as it is
such a large, round, psychologically significant number and has been so
supportive in the past. However, I think that the situation in this
market is getting rather dire, and I fully anticipate that we will break
down below that level and reach parity given enough time.
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