EUR/USD rose during the session on Friday as the pair continues to fight tooth and nail at the 1.35 mark. The resulting candle is a shooting star, so it does show just how much trouble the bulls are having at this point in time. With bond auctions going poorly in several European countries at the moment, this pair should remain under considerable pressure. However, the area just below has a ton of support, and we think any fall will more than likely be a slow grind. We do not buy the Euro rather sell rallies at this point as it is too toxic to keep on the books for any length of time.
Written by FX Empire