Published on Dec 4, 2016The Euro initially fell on Friday but turned around to form a slightly positive looking hammer. The market is most certainly in a downtrend at the moment though, so I think that any bouncer here will be short-lived at best. Because of this, I don’t look at this is a buying opportunity but rather a selling opportunity about to happen. I think there should be significant amount of resistance at the 1.07 level, and most certainly the 1.0850 level. Sooner or later, we will get an exhaustive candle that we can take advantage of and start selling in order to pick up value in the US dollar. This rally is simply going to be an opportunity to get short yet again in a market that I believe will eventually break down below the 1.05 handle.

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