The EUR/USD pair shot up during the Thursday session as the EU finally came out with a bailout plan, and so far it looks like the markets like it. The
The EUR/USD pair shot up during the Thursday session as the EU finally came out with a bailout plan, and so far it looks like the markets like it. The move was quick and strong, and it appears the trend has change, at least for the short-term. The pair looks to have a floor in it at this point in time – somewhere near the 1.39 level. The pair should continue to provide a good “buy on the dips” scenario for a while at least. The final details for the plan aren’t out yet, so there are going to be numerous headline risks in this pair. Tight stops are recommended, but a positive tone is certainly surrounding the pair at the moment. We cannot sell until we close below 1.40 on the daily chart again.
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.
