Euro Continues to Find Plenty of Sellers

Euro Continues to Find Plenty of Sellers

The Euro initially tried to rally during the trading session on Thursday but then gave back resistance near the 1.06 level. Ultimately, this is a market that I think will continue to look at the 1.05 level as a magnet for price. It will be interesting to see whether or not we can break down through that level, because if we do then it is likely that we go much lower. All things being equal, I think we do break down below there, perhaps reaching down to the 1.02 handle.

Rallies at this point will continue to be selling opportunities from everything that I see. The 1.08 level above should be a significant resistance barrier, as the 50 Day EMA sits just above there, and we are dropping in that indicator as well. Furthermore, it is an area that previously had been supported, so one would also anticipate a bit of resistance in that area.