EUR/USD initially rallied during the shortened Christmas Eve session on Monday, but failed to hold above the 1.32 handle and formed a shooting star. The market has produced three shooting star is the last four sessions now, and as a result we believe that a fall from this area could be coming. However, we see the 1.3150 level as a significant support level at the moment, and because of this we are not ready to start selling quite yet. In fact, we think this is a bit of a soft “zone” that should produce enough support that we really need to see a move down below the 1.3100 handle. On a daily close below that number, we believe that you could move as low as 1.2900 in the relatively short term. |
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