The EUR/USD pair rose during the session on Wednesday as the bullish momentum picked back up in the Euro. The Italians managed to sell debt at a reasonable rate, so the immediate fear was waylaid in Europe. The real question is whether or not we can pick up any serious momentum, and that may be difficult as we see quite a bit of resistance above. Certainly, the 1.3250 level looks very resistive, and as a result we think there could be selling opportunities up in the general vicinity. With this being said, although the Euro look strong against several other currencies, we would not be buying it against the Dollar.
Written by FX Empire