Euro explodes against the British pound
The Euro rallied rather significantly during the trading session on Friday, breaking above the 0.750 level, an area that has been resistive previously, and should now be supportive. I think that if we can continue to show bullish pressure in this market, we will more than likely reach towards the 0.88 level above. This is a market that tends to be very technically driven, especially every 50 pips. Remember though, headlines can get involved in this market, and cause a lot of noise. Because of this, you will have to be resilient and of course pay attention to these 50 pips levels that seem to be so important.
The 0.88 level has been important more than once, and I think that the market will be paying attention to it with great interest. I think that if we break above there, that would be a very strong sign, and quite frankly I think that the marketplace is one that favors the short-term traders more than anything else. I believe that scalping is probably the best way to trade this market, as we continue to see plenty of danger ahead. I think that the markets will continue to be noisy at best, so keep your position size small, and do not expect too much, as we have far too much in the way of trouble ahead to get heavily leverage anytime soon.