The EUR/USD pair rose during the session on Wednesday as the 1.25 level gave way as resistance. The pair is getting a boost by the potential easing out of the Fed, and the fact that the ECB head Mario Draghi suggested that the market underestimated the political resolve of the EU to stay together. The truth is that Europe is a long way away from getting their act together, so this rally will fail in the end. The pair has a lot of resistance all the way up to the 1.28 level, and as a result we are selling the first resistive daily candle between here and that level. So far, the rally is based on a lot of rumors – something we have seen more than once in this market.
Written by FX Empire