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Published on Nov 14, 2016
The
EUR/USD pair broke down at the open and continued to drop lower, as the
1.08 level has been broken down from here, and I think we’re going to
reach down to the 1.05 level below as it is the next major support
level. When I look at the longer-term charts, I can see that we have
bounced off of that level several times. Any short-term rallies should
be an exhaustive candle just waiting to happen that I can start selling,
taking advantage of “value” in the US dollar. I have no interest in
buying the Euro, as this market has completely falling apart, but I do
recognize that a bounce should be coming fairly soon because of the
rapid descent of the value. We have fallen so quickly that it’s very
likely that we will have to bounce and collect a little bit more in the
way of selling pressure.
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