Video Analysis – EUR/USD January 27, 2015

The Monday session in the EUR/USD pair initially gapped lower, but as you can see everything turned back around as the knee-jerk reaction was corrected. After all, the elections in Greece while not necessarily been a good sign for austerity measures, it does not guarantee that the Greeks will walk away. The truth the matter is that nothing has happened yet, so the initial reaction was reversed. Ultimately though, this is still a market that is to be sold and not bond, and I believe that the area around the 1.15 level should be resistive as it was once massively supportive.

The closer we get to that area, the more interested I am in selling this pair, as resistive candles should be the sign to start shorting again. I believe that this market still needs to fall to the next major figure which of course is the 1.10 region.