The EUR/USD pair broke higher during the course of the week, slamming into the 1.12 handle. However, we found enough resistance there to turn the market
The EUR/USD pair broke higher during the course of the week, slamming into the 1.12 handle. However, we found enough resistance there to turn the market back around and as a result we think that the market continues to consolidate in general, so this is a short-term traders market at best. We have no interest whatsoever in putting a longer-term position on unless of course we break well above the 1.12 level, as it would show that the market trying to finally break out to the upside. In the meantime though, we think that the summertime lack of liquidity will continue to keep this out of the hands of long-term traders.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
