The EUR/USD pair exploded to the upside the previous week. The move saw the pair break through the 1.40 level as the EU finally came out with a bailout
The EUR/USD pair exploded to the upside the previous week. The move saw the pair break through the 1.40 level as the EU finally came out with a bailout plan. The market seems to like what it has learned so far, and the pair rose directly to the next cluster of trades on the chart. The pair looks like it has risen a bit too far too soon, and there will always be the chance of bad news coming out of the EU going forward as more details get scrutinized. The pair looks like it wants to run to 1.45, but a pullback would certainly be possible form this parabolic snapback. As long as we see 1.40 hold as support, we like buying dips at this point.
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.
