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Published on Nov 23, 2016
The
Euro fell during the day on Wednesday as we continue to see weakness in
the common currency. This is a market that looks like it’s ready to try
to break down below the 1.05 handle, which I see as massive support on
the longer-term charts. Because of this, I think it’s only a matter of
time before we sell off every time we rally. I think that the concerns
inside the European Union and of course the potential interest-rate
hikes coming out of the United States will continue to move this market
in one direction, down. I believe that the 1.0650 level is massively
resistive, and I believe that above there we have even more resistance
near the 1.08 handle. It might take several attempts, but I think we
break down below the 1.05 handle and start reaching towards the parity
level soon.
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