The EUR/USD pair rallied on Monday, as we continue to see plenty of volatility. I believe that the 50-day exponential moving average, pictured in red on the chart, will continue to be resistance. We are in a longer-term downtrend, and there are a lot of concerns with the EUR now. I believe that the market will reach towards the 1.05 level again to try to break down, so I’m looking for exhaustion above to take advantage of value in the US dollar. It is not into we break above the 1.0750 level that I feel comfortable buying the Euro.
Written by FX Empire