The EUR/USD pair was very noisy during trading on Friday, reaching down below the 1.16 level again, and bouncing from the previous symmetrical triangle. It is because of this that I believe we are going to test the 1.15 level again. If that level gives way, we could go much lower. However, it’s an area of massive demand so it would not surprise me at all to see some type of bounce from there. If we can bounce from there, we will probably negate the triangle, and simply continue to bounce around between 1.1 5M 1.1850. I suspect that will probably be the case, and that the market is simply drifting lower to look for support. However, all things are possible and you should approach this market as such. Obviously, the Brexit will have its say about this pair and of course the GBP/USD pair.
for more analysis: http://www.dailyforex.com
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