The EUR/USD fell on Friday, and more importantly failed to close above the previous support area that kept this pair afloat. Now it seems that “what was once support is now resistance” and as a classic technical indication – this pair should fall from these levels. This pair is going to be extremely sensitive to headlines coming out of the EU, and the trading could be choppy, but the tone has been set in our minds. This pair should fall over the long run, and as such we are ready to sell rallies.
Written by FX Empire