The EUR/USD pair rose during the session on Wednesday, using the 1.38 level as a springboard. However, we pulled back enough to form a shooting star, and it appears that the market is going to continue to meander in this general sanity. It does make sense, the 1.38 level is a large, round, psychologically significant number. This area should continue to attract traders from both sides of the equation, and as a result we feel that the market will continue to be very choppy and difficult to trade. Going forward though, we would not be surprised to see a move to the gap that formed this weekend.
