The EUR/USD pair fell during the session on Monday, but bounced towards the end of the day to form something along the lines of a hammer. This suggests that the market is going to make a serious attempt at the weekly downtrend line that we have on this chart, which of course would be a major breakout. However, the fact that we formed a hammer during the Monday session also gives is a valid sell signal as well, but only if we close well below the bottom of the hammer candle. That being the case, it will be very interesting to see how this pair acts during the session today.
Written by FX Empire