The EUR/USD fell during the session on Monday, but found enough support to bounce back up and form a hammer. This hammer suggests that we are going to continue to bounce around the 1.31 handle, and as a result we fully expect this market to continue to be very consolidative over the next couple of sessions. With that being the case, the market should stay within the 1.30 a.m. the 1.32 levels, making this a short-term traders market. It will be very difficult to take a trade that’s going to be more than 50 pips or so, and as a result we are simply observing at this point.
Written by FX Empire