The EUR/USD pair gapped lower at the open on Monday, but as you can see spent most of the day clawing back to recapture most of the losses. However, interestingly enough we sell the 1.30 level offer resistance going forward, and as a result we think this market continues to grind lower. As long as there is uncertainty in Europe, and there could be for some time, we think that traders will favor the US dollar. Looking to the shorter-term charts will probably be the way to go, but we definitely have a downward bias in this pair at the moment. We recognize the fact that 1.28 offer significant support, and as a result we are not expecting any clean moves in the short term, knowing that everything will be hard-fought.
Written by FX Empire