The EUR/USD pair finally broke above the 1.34 handle during the session on Tuesday, and as a result it looks like the Euro is going to in fact beat up on the US dollar. We have suggestions that this could happen based upon the weekly chart, and now it appears that everything is falling into place that being the case, it appears that traders are willing to bet on the idea of the Federal Reserve not been able to taper off of quantitative easing during the month of September or October, and if that’s the case this pair should continue much higher. At this moment time though we feel that this market is in “buy only mode”, and as a result that’s all we can do on short term charts. We expect the move to the 1.35 handle in the short term.
Written by FX Empire