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Published on Nov 15, 2016
The
EUR/USD pair rallied initially on Tuesday, but found the 1.08 level
above to be far too resistive. Trade around to form a shooting star of
course is a negative sign, and I believe that the selloff of the Euro
continues. However, this is a market that has been a bit oversold so you
may have to look to short-term charts for rallies that can be sold.
Even if we break above the top of the shooting star, I still believe
that there is quite a bit of resistance above. Given enough time, I
believe that the market is reaching down to the 1.05 level, which has
been massive support on the longer-term charts. With all of the concerns
about the European Union at the moment, it is no surprise to me that we
continue to see the US dollar strengthen against the Euro itself.
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