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Published on Nov 11, 2016
The
EUR/USD pair showed quite a bit of volatility on Friday as we were
approaching the 1.08 support level. I believe that once we break below
here, the market is free to go down to the 1.05 handle, and perhaps even
lower than that. The Euro is struggling, as seen buying the massive
turnaround after the surprise election of Donald Trump on early
Wednesday morning in the United States. This is probably one of the most
bearish shooting stars that I have ever seen, and as a result it is not
surprising to me at all that we continue to go lower. With this in
mind, I do think that the bearish pressure continues, and that it’s only
a matter of time before we break below the 1.08 handle. Ultimately, I
believe that the market will test the 1.05 level and we will have to
reassess everything there. In the short-term, I believe that rallies are
to be sold at the first signs of weakness.
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