-
Published on Nov 27, 2016
The
Euro rallied during the session on Friday, but found enough resistance
of the 1.06 level to turn things back around and form a bit of a
shooting star like candle. This is a market that has massive amounts of
support below at the 1.05 level, so I think it is going to take several
attempts to finally break down below there. I think short-term rallies
that show signs of exhaustion should be opportunities to sell again and
again. I have no interest in buying this pair, and I believe that a
break down below the 1.05 level should send the Euro looking for parity
against the greenback. Remember, the Federal Reserve is likely to raise
rates, while the European Union is struggling in general.
No comments:
Post a Comment