The EUR/USD pair rose during the session on Thursday, bouncing off of the uptrend line that I had drawn on the chart a couple of days ago. Because of this, I believe that this market is going to continue going higher, probably looking for the 1.38 handle. I don’t necessarily think that the market has the wherewithal to get above that in the short-term, especially before the New Year’s holiday. However, I do think ultimately we will probably break out to the upside, and probably target 1.40. Alternately, if we break below the trend line, I could see a move back down to about 1.36 before the buyers step back in.
Written by FX Empire