The EUR/USD pair initially fell during the Thursday session, plunging below the 1.2950 handle again. However, we managed to get the buying pressure back together and broke above the 1.30 handle during the day. In the end, it is a little bit of a hammer like candle that has been formed, just underneath the 200 day exponential moving average.
We had warned that this market would more than likely be very choppy going forward, and the Thursday session certainly did nothing to disprove that theory. With this in mind, we still believe there is plenty of various pressures on this market, but you may want to wait and let the market rally a bit more before selling. As far as buying is concerned, this market is just a bit too weak for us to be bothered.
Written by FX Empire