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Published on Nov 29, 2016
The
euro initially fell against the US dollar but found a little bit of
support during the day on Tuesday. We ultimately formed a little bit of a
hammer and quite frankly I like that. It’s not that I want to buy this
pair, when I want to do is sell signs of exhaustion after rallies. We
don’t have that at the moment obviously, but I do think that it’s only a
matter of time before some area like the 1.07 level above offers enough
bearish pressure to turn this market around as we try to build up
enough momentum to break down below the vital 1.05 handle below. A move
below there sends this para looking for parity. With this, I am “sell
only”, but don’t have the signal quite yet.
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