Every time we rally, I’m looking for a selling opportunity on signs of exhaustion. Quite frankly, I’m a bit surprised how quickly came during the Wednesday session, and I do think that we need to bounce a bit to offer more value in the greenback. However, it’s not until we break above the 1.21 level that I would be convinced of bullish pressure.
EUR/USD Daily Forecast - 10 May
According to dailyforex.com, the EUR/USD pair went back and forth on Wednesday, showing signs of volatility yet again. At one point during the day, I thought that perhaps we were going to see an attempt to go much higher, perhaps some type of “relief rally.” Because of this, I think that the market showing that we would roll over and fall again tells us just how negative this market is. I think that by the end of the summer, we will more than likely go looking towards the 1.15 level, an area that is massive in its psychological and structural support.
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