The EUR/USD pair fell during the session on Monday as the pair continues to grind away below the 1.30 level. However, we do get a little bit of supportive action 1.29, and it looks like any move lower will be met with support. Because of this, we feel that the easier trade is actually to the upside, although we are long-term bearish of the Euro.
The best advice that we can give in a situation like this is to simply ignore the pair. There are far too many trades out there that are much more clear-cut than this one in order to get too concerned about it. Nonetheless, if we do manage to get back above the 1.30 handle, we recognize that the pair will more than likely attempt a move to the 1.33 level. If we break the lows of the Monday session, we think 1.2750 will be its next stop.
Written by FX Empire