Euro Finds Buyers After Initial Plunge Forex EURUSD
Enter your emailA lot of patience will be needed in order to trade this market.The hammer is a very bullish sign, but I think we still have a lot of noise above that is going to continue to cause major issues. While I do think that this has been a nice little recovery, the keyword here is “little.”If we break down below the bottom of the hammer, then it will open up fresh selling, perhaps allowing the euro to trade down towards the 1.08 level.
The 1.11 area extends to the 1.12 handle, and therefore it makes quite a bit of sense that we could see a lot of selling pressure in that general vicinity. Furthermore, the 50-day is just below the 1.12 handle, and then is starting to drift lower. This is a market that I think will eventually find sellers as the interest rate differential between the United States and Europe continues to extend.
The market has been bearish for quite some time, and for good reason. The European Union has all kinds of issues, not just ones involving interest rates. The markets will continue to be very noisy, but if you wait for an opportunity to pick up “cheap dollars”, then it is likely that you will get an opportunity to short yet again. In fact, it is not until we break above the 1.
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