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.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.