The EUR/USD pair fell during the session on Monday, but bounced from the 1.30 area to form a hammer. This pair is certainly one we don’t like to buy, but selling at this point will be difficult as the 1.30 level has been so supportive this year. The pair should continue to find the area strong, so if we can break below it and see a daily close sub-1.30, we would be very bearish and willing to sell aggressively. In the mean time, we think a bounce is one to look for weakness to sell. The latest high was lower than the previous one, and we think this is important to notice. Selling a break sub-1.30 or higher levels with weak candles is our plan. Buying isn’t a thought until we close above the 1.35 level.
Written by FX Empire