The EUR/USD pair rose during the session on Friday, clearing the 1.30 level as resistance. This area should now form a little bit of support in this marketplace, and as such we would be interested in buying on a pullback to this area if it shows signs of support. We think that with the Federal Reserve easing its monetary policy yet again, this pair probably has the next couple of hundred pips to look forward to as being gains.
However, we feel that there is a serious risk of headline shock out of the European Union still. In the meantime though, we think that the market is certainly biased to the upside. We’ve had a significant move higher, silly pullback would not only be expected, but more than likely welcomed by the buyers.
Written by FX Empire