The EUR/USD pair fell during the majority of the session on Monday, but as you can see got enough of a bounce in order to form a hammer. This hammer sits right on support, and although we are below the 1.32 support level, it’s obvious that there is a thick area that the market looks to break down support. This area has caused bounces before, so having said that we feel that this market will more than likely have a decent chance to go higher. On a break of the highs for the session on Tuesday, we believe that the market will continue higher, and probably reenter the previous consolidation zone.
Written by FX Empire