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Published on Nov 28, 2016
The
EUR/USD pair initially tried to rally at the open on Monday but found
quite a bit of resistance at the 1.07 level above. We found enough
resistance to turn things back around to form a massive shooting star,
and with that being the case the market looks as if it is trying to
grind down to the 1.05 level below. If we can break below there, I feel
that the market continues to go much lower, perhaps reaching towards the
1.00 level after that. I have no interest in buying this market, and I
believe that the idea of the Federal Reserve raising interest rates next
month will continue to weigh upon this market as well as the Italian
referendum that’s coming. Have no interest in trying to go against the
massive downward pressure that we see here.
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