The EUR/USD pair went sideways initially on Wednesday, but then rallied once the Americans came back to work. I believe that the market is trying to build
The EUR/USD pair went sideways initially on Wednesday, but then rallied once the Americans came back to work. I believe that the market is trying to build up enough momentum to finally break above the 1.20 level, which is a major resistance barrier. A break above there should be a sign that we are going much higher, but I think given enough time we will break towards the 1.25 handle above. Ultimately, I have no interest in shorting this market, but I recognize that Mario Draghi could try to talk down the currency. That should offer value.
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.
