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EUR/USD attempted to rally during the Monday session, but fell in order to form a shooting star that is sitting just at the 1.25 handle. Looking at this chart, it does in fact look like the downward pressure is set to continue, and there is an uptrend line that should meet up with this market at about 1.24 or so. It is at that area that we think we could see a real fight. However, one certainly cannot argue with the idea that the Euro is in a downtrend overall, and as such selling is certainly the direction we want to be trading.
We still think that eventually this pair goes down to the 1.15 level, and as such we are more than willing to sell on a break of the Monday lows. As for buying this market, we simply will not do it as the resistance looks pretty noisy all the way up to the 1.27 handle.