The EUR/USD pair rose during the session on Wednesday, but as you can see gave back quite a bit of the gains. In truth though, this was a relatively small range and as a result we can only read so much into this candle. Everything it really tells us is that there is underlying bullishness. We still don’t think that the 1.30 level will get broken though, and as a result we are actually waiting for this market climb a little bit higher in order to start selling on signs of resistance. As far as buying is concerned, we are too close to the 1.30 level to justify the risk to reward ratio, and as a result wouldn’t do it into we get a daily close above the aforementioned 1.30 handle.
Written by FX Empire