The EUR/USD pair broke higher during the course of the day on Wednesday, breaking above the 1.28 level. However, we are starting to see a bit of
The EUR/USD pair broke higher during the course of the day on Wednesday, breaking above the 1.28 level. However, we are starting to see a bit of resistance just above it, so we are simply waiting for some type of resistant candle in order to start selling again as it is with the longer-term trend. We ultimately believe that the market will test the 1.25 handle given enough time, but it could be rather choppy all the way down there. That being the case, we need to see the resistive candle in order to start selling in between now and then we will sit on the sidelines.
EUR/USD Forecast October 16, 2014, Technical Analysis
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.
