The US dollar rallied a bit during the day on Wednesday, going into the FOMC Meeting Minutes. We initially reached towards the 111 handle, but then pulled back to find bits of support. I think the market is trying to break out to the upside, and perhaps go looking towards the 112.50 level. Ultimately, this is a market that I think continues to attract buyers on dips, if we can stay above the 110 handle. Ultimately, I believe that this market also goes much higher, and that we are trying to form some type of base. The better the economic news, the better this pair tends to do longer term. That’s not to say that it won’t be volatile, but certainly I think we have an upward proclivity.
Written by FX Empire