That by default will push this market lower as it is the benchmark for US dollar strength or weakness. It’s not until we break above the 1.21 handle that I would be interested in buying. I think that if the markets formed a supportive candle on the daily chart near the 1.15 level, then I could be convinced to buy. I think we are going to see a summer of dollar strength based upon interest rate expectations.
EUR/USD Daily Forecast - 9 May
According to dailyforex.com, the EUR/USD pair broke down significantly on Tuesday again, breaking down below the 1.19 handle, and reaching below the 1.1850 level at one point during the session. We have cleared the 61.8% Fibonacci retracement level, and now I think it’s only a matter of time before we go to the beginning of the move, putting this market much closer to the 1.15 handle. I think the 1.21 level above is significant resistance, as it was previous support. I like the idea of shorting rallies as they occur, as the US dollar continues to show a significant amount of strength in general.
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