The EUR/USD pair fell during the session on Wednesday, but did bounce a little bit just below the 1.31 handle in order to form something along the lines of a hammer. This suggests to us that we are going to go higher, but the red downtrend line from the weekly charts will more than likely cause problems going forward. Because of that, we think that any move higher is going to be kept in line below the 1.33 handle. As far as selling is concerned, we need to get below the 1.30 handle in order to consider doing so.
Written by FX Empire