The EUR/USD pair rose for the session on Thursday in response to Janet Yellen of the Federal Reserve talking about the need to keep rates low in the United States going forward. This had the markets repricing the possibility of “Quantitative Easing 3” yet again. However, the Euro is without a doubt one of the weakest currencies, and this rally will more than likely just be a simple selling opportunity.
The fading of this rally is our plan, and we will use shorter term charts in order to get involved. The recent problems in Europe haven’t gone away, so we aren’t happen to buy at the moment. The 1.30 level continues to be massive support, and if we can break below that on the daily close, we are willing to hang on to selling positions.
Written by FX Empire