The EUR/USD pair rallied during the day on Thursday, as we continue to see strength in this market. However, we are getting a bit overextended and I think that the market may be susceptible the downward pressure. With today being the jobs number coming out of America, it’s likely that we are going to see quite a bit of noise in this market. I believe that a pullback in this market is probably a buying opportunity, and quite frankly that’s what I wish to see.
I’m looking to buy dips going forward, but I recognize that it will take a significant amount of patience and make that trade. I think that every time we get close to a large, round, psychologically significant number, it’s time to start looking for an opportunity. Ultimately, I believe the market should see a significant amount of support somewhere below, and quite frankly, the lower it does the more interested I am. I have no interest in shorting, I believe that this pair has broken out for a multi-year move. However, if we were to somehow breakdown below the 1.15 level, then that could change everything. In the meantime, I suspect that we are probably going to see the 1.20 level over the next couple of months in this market. Today could be an excellent buying opportunity at lower levels, and quite frankly that’s what I’m hoping for.
Written by FX Empire