The EUR/USD pair broke higher during the course of the session on Tuesday, heading towards the 1.10 level. This is an area that we should see quite a bit of resistance at, and with the Federal Reserve having its interest-rate announcement and more importantly, the interest rate statement during the session today, it’s very likely that we will have a catalyst for the next move in this pair. Because of this, we believe that it’s only a matter of time before the sellers step in, but we recognize that a move above the 1.12 level would change everything. It is very possible that we get some type of extraordinary move during the session. We believe this move will dictate where the market goes next.
