The Euro initially pulled back during the trading session on Thursday, but then turned around to rally as Jerome Powell started speaking. At this point time, it looks like we are going to see more the same, and when you look at the candlestick from the previous session, it makes sense that we rallied due to the fact that the hammer that formed suggested buyers will be looking to jump back in. Ultimately, it looks as if the 1.19 level above continues to be important, and therefore I think we will continue to grind towards that area. This is more of the same, as the “buy on the dips” type of scenario continues to play out.
To the downside, I believe that the 1.17 level is going to continue to be massive support, so as long as we can stay above there, I think nothing has changed. The market continues to look very choppy, but it is most certainly bullish overall. Longer-term, I think that we will go looking towards the 1.25 level given enough time. Between here and there, the 1.20 level could cause some issues, but that would just mean more choppiness like you typically get with the Euro.
I think by the time it is all said and done, the market will continue to grind higher, but the keyword of course is going to be “grind.” I do not expect massive moves, at least not in the short term. Longer-term, might be a different story but right now it looks as if the market is simply trying to build up the necessary momentum to make a serious move. #EUR/USD##FX#
Reprinted from Fxempire，the copyright all reserved by the original author.
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