The EUR/USD pair initially tried to rally during the day on Friday, but then broke down below the 1.06 handle during the day. This is a very negative sign, and I believe that we will eventually reach towards the 1.05 handle. That’s an area that’s massively supportive, and I believe that in the meantime we will more than likely see sellers on rallies as we have finally broken through the significant consolidation that we spent most of the week being involved in. Closing towards the bottom of the range for the session also shows quite a bit of negativity as well.
Written by FX Empire