The EUR/USD pair initially fell during the session on Tuesday, but found enough support yet again for the fifth day in a row in order to show strength yet again. The resulting candle formed a hammer, and we are coming close to the weekly downtrend line that we’ve been talking about for some time. We believe that a lot of this will hinge upon the comments coming out of the FMOC later today, and signs of continued quantitative easing will more than likely push the Euro higher. Nonetheless, expect extreme volatility, and you would probably be better off staying out of this market until the end of the day.
Written by FX Empire