The EUR/USD pair had a positive session on Tuesday as we managed to break not only above the 1.30 handle decisively, but the 50 day exponential moving averages well. However, we found the 1.31 level as a bit too resistive, as we pulled back from it.
At the end though, we do believe that this market could very well leapfrog over that handle. If it does, we think this market will continue higher, and probably look for resistance at roughly 1.3250 before pulling back again. We do believe that the Euro will continue to be negative over the long term, but we could see a nice pop at this point time as the market seems a bit oversold.
Written by FX Empire