The EUR/USD pair has rallied significantly during the trading session on Wednesday
in perhaps reaction to the slight progress made in forming a government in Italy.
The 1.15 level has offered enough support, as one would expect
as it is a major level on longer-term charts. That’s an area that of course
will cause a significant amount of interest in the market,
and quite frankly was reached far too quickly.
I think a bounce is necessary, and eventually
we will see sellers come back into this market on signs of exhaustion.
We could bounce quite a bit from here, but one thing
I would point out is that we have formed the “death cross”
on the chart, and that of course will attract a lot of attention as well.
It’ll be very interesting, but I think if you are patient enough
you can sell at higher levels instead of trying to fight the massive selloff overall.
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