The EUR/USD pair fell initially during the session on Tuesday, but bounce enough to form a hammer. Obviously, Christmas closed markets on Wednesday, but it does look like we are ready to continue grinding higher. We still expect to see the 1.38 level to offer significant resistance, so any buying opportunity here is probably going to be more of the short-term nature. If we get above the 1.38 handle on a daily close, this market should go to the 1.40 level. Ultimately, we think that happens, but the next couple of sessions will probably be more of a slow grind higher.
Written by FX Empire