The EUR/USD pair fell initially during the day on Wednesday but found enough support just below the 1.08 level to turn things around and form a hammer. If we can break above the top of the range for the session, I feel that the EUR will break out and start going towards the 1.10 level above. Recently, we have made a higher low, so it would not be a huge surprise to see this happen. The market is starting to anticipate that the ECB is going to lay off quantitative easing going forward, and then of course makes value hunters come out.
Written by FX Empire