EUR/USD
The
EURUSD
tried
to rally during the course of the day on Monday, but as you can see
turned back around to form a shooting star. The shooting star
suggests that the market is going to fall from here, and as a result
we believe that this market will then head to the 1.11 level
and after that it may go
to the 1.10 level,
which we believe is the longer-term target. With that,
we have no interest
in buying, and as a result we believe that any rally at this point of
time
is a selling opportunity and the Euro, as it will most certainly
continue to be tendered buying the European Union and its potential
deflationary problems. On top of that, the European Central Bank
should continue a very loose monetary policy, and that is bad for the
value of a currency as well.
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