Video Analysis – EUR/USD January 22, 2015

The Wednesday session and the EUR/USD pair produced a bullish candle, but as you can see we pullback in order to form a shooting star yet again. The rally failed and formed the bearish candle that looks as if the bearish pressure is going to continue to be overbearing on this market. The 1.15 level below continues to be supportive, but it does look like eventually we are going to break down. At this point time, every time this market rallies you have to start thinking about selling as there is simply not enough good news to propel the Euro higher.

I also recognize of the 1.18 level above is massive resistance, and that it extends all the way to the 1.20 level. Because of this, I do not think that the market can rally that far. I am essentially selling this pair over and over again until we finally break down which at that point I believe the market could head as low as 1.10.