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The EUR/USD pair skyrocketed during the session on Tuesday as rumors of a Spanish bailout hit the markets again. With this being said, it does look like the pair wants to go much higher. There is a taunt of noise between 1.30 and 1.35, and as such we have been a bit leery of going long this particular market. However, there is actually nothing to stop a trader from going long the Euro against many other currencies out there, especially the Japanese yen.
While the look of the market is very firm and supportive, the fact is that there are many headlines out there that could push this market much lower. In fact, if the Spanish bailout doesn't come, you can bet this market will shed 500 points before you can blink an eye. With this in mind, we are a bit suspicious, but must admit this pair does look bullish.