The US dollar initially pulled back during the day on Wednesday but found enough support at the 1.31 level to turn things around and rally. We broke above the 1.32 level during the day, and if we can break above the top of the range for the Wednesday session, I believe that this market continues to go higher. Remember, oil is highly influential when it comes to this pair, so if it continues to go lower, this pair should continue to go higher. Volatility is the norm, but given enough time I believe the buyers come back.
Written by FX Empire