The EUR/USD pair initially rallied during the day on Tuesday, but the 50-day exponential moving average has yet again offered resistance. It looks now that every time this market rallies, the sellers are willing to jump in. I believe we are going to reach towards the 1.05 handle underneath, but that is a massive barrier to overcome. Because of this, I think short-term scalping to the downside will more than likely be the best way to trade this market, and therefore short-term rallies offer value in the US dollar. If we can break down below the 1.05 handle, we should then reach towards the 1.0350 level. The downtrend continues, so therefore I have no interest in buying.
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