The EUR/USD pair fell during the session on Thursday, but found enough support below in order to bounce and form a hammer. This pair has been forming one hammer after another lately, and as a result it does look like it has a significant amount of support below. We obviously see 1.30 as a supportive area, but it seems like the supportive pressure is building, and then it’s only a matter of time before the market goes even higher. We think that the downtrend line from the weekly chart should contain price.The possible candle at 1.33 handle suggests that we could have a situation where the short-term trader will do well buying the Euro, while the longer-term trader may be better off waiting for a couple of sessions in order to find a resistive candle to start selling.
Posted on: Fri, 19 Jul 2013 07:56:41 +0000
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