The EUR/USD pair tried to gain overall during the session on Thursday, but was repelled by the end of the session to form a bearish candle. The S&P downgrade of Spain by two notches certainly wouldn’t have helped, and as a result this pair looks as if it will indeed fail at what we think is the top of the descending triangle on this chart. With this being said, we are selling on a move below the 1.32 level for more than a couple of hours. Buying isn’t a thought for us at the moment.
Written by FX Empire