The EUR/USD pair initially fell during the session on Wednesday, but the FOMC statement of course turn the market back around and we shot straight up towards the 1.14 level. However, there is a significant amount of resistance in this area, so we could not break out to the upside. We still believe that there is a significant amount of resistance above the 1.14 level, extending to the 1.15 level. Once we get above the 1.15 level however, we feel that the market is going to be in an uptrend. With this, we are patiently waiting the breakout. In the meantime, we think that pullbacks might offer short-term buying opportunities.
