The EUR/USD pair fell again during the session on Friday, as we continue to see a lot of bearish pressure entering this market. Ultimately, it appears that the pair is ready to go lower, probably heading to the 1.10 level given enough time. After all, that is the next major support level on the longer-term charts that I see, and as a result I believe that this market will continue to offer selling opportunities. More than likely you are going to have to look to short-term charts in order to find selling opportunities, because quite frankly the longer-term charts don’t give you quite as much room to move. Essentially, I believe that you will be able to sell this pair again and again, simply making sure gains over and over again.
With that being the case, I feel that the market is one that can only be sold, because quite frankly the bearish pressure has been so strong and we have not seen much in the way of support recently. The market appears to be a one-way trade going forward, and with the European Central Bank announcing even further quantitative easing, I believe that the Euro will continue to struggle going forward.
Selling and sell again
Ultimately, I believe that we are heading down to the 1.10 level, which should be supportive. And does it mean we can break down below there, but ultimately I believe that the market should find buyers in that general vicinity, and therefore offer a significant bounce. However, in the meantime I think looking at short-term charts that show signs of bounces can be selling opportunities. Quite frankly, I believe that the 1.15 level is a massive resistance barrier, and I do not think that we will get above there. As far as buying is concerned, I have no interest in doing so until we get above the 1.20 handle, something that doesn’t look very likely at this point in time. With that, I look to sell and sell again off of the hourly charts.
