EUR/USD rose during the session as traders piled back into the Euro again on hopes of some kind of deal being worked out between Germany and France.
EUR/USD rose during the session as traders piled back into the Euro again on hopes of some kind of deal being worked out between Germany and France. (There was a Guardian report out of the UK that said as much.) However, that story was quickly denied, and the move got faded. The fall was pretty impressive, and the 50% Fibonacci retracement has held the price down. The daily candle is a long shooting star, and looks quite bearish. The failure of the bullish move has us thinking that the 1.38 – 1.40 levels should continue to be resistive in the short-term. We feel that selling rallies is the way to go at this point.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
