EUR/USD fell on Wednesday as the pair continued its recent downward momentum. However, the pair did get a bit of a bounce in the later part of the trading day as the 1.27 level offered a bit of support. Going forward, we see 1.26 as a real challenge for the bears, and one that could send this pair down to about 1.19 or so. In the short-term however, this pair looks like it is ready to bounce, and this should signal that we will get more selling opportunities going forward. The European Central Bank meets today, and this could always produce some kind of shock, although we aren’t looking for anything substantial to come out. We are selling rallies going forward, as well as a fresh low.
Written by FX Empire