The EUR/USD pair rallied during the session on Friday, reinforcing the idea of the 1.30 support level. However, the candle from Thursday is a big wicked looking shooting star, so simply put – this pair looks confused. We think that this pair will continue to grind away in a roughly 100 pip range, and as a result don’t think that it’s going to be an easy trade to take in either direction. With that being said, a break down below the hammer from the Wednesday session would be enough to get us to start selling, while a break of the top of the shooting star from the Thursday session would be enough to get us to start buying. Anything in between will simply be noise.
Written by FX Empire