The EUR/USD pair had a slightly positive candle, but at the end of the day it still remains below the 1.05 level which is very bearish. I think that this market breaks down from here and reaches towards parity, but it is going to be rather choppy on the way down there. I think that anytime this market rallies, it’s a nice selling opportunity as the US dollar should continue to strengthen against the Euro. The ECB extending its quantitative easing by 9 months while the Federal Reserve has been raising interest rates and should continue to, a supportive storm for a move lower.
Written by FX Empire