I think we are waiting to see what happens next, and quite frankly I would step away from this market until we either get a bounce above the 1.2150 level, which would show signs of buyers coming in to pick up value, or a breakdown below the 1.20 level, which shows that we are falling apart, and the market should continue to go much lower. Interest rates in the United States continue to play a major role in where we go, so pay attention to those markets as well. In the short term, it’s probably best to see which way the market breaks and closes on a daily chart to start putting money to work.
EUR/USD Daily Forecast - 1 May
According to dailyforex.com, the EUR/USD pair tried to rally at the open on Monday, but then broke below the 1.21 handle. There is a significant amount of support underneath though, as this was a zone that had been so resistive in the past. If we were to break down below the 1.20 level, then I think this market unwinds, and the uptrend is all but over.
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