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The Euro rallied significantly during the trading session on both Wednesday and Thursday, reaching towards the 1.1725 level. That’s an area that has been resistance in the past, and it’s likely to be resistance in the future. If we can break above that level, then I think that the Euro will be ready to go much higher, perhaps the 1.1850 level which would match up nicely with the potential resistance barrier on the longer-term charts that I think are showing a bit of consolidation at what has been lower levels.
Word got out during low liquidity that perhaps several of the ECB members are worried about waiting until 2019 to raise interest rates, and that of course has people looking at the Euro. I think that we will eventually see a reversal of this move, but looking at the longer-term charts, I think that we are simply trying to figure out where to go for a larger move. The 1.15 level underneath continues to be massive support, and I think it’s going take something special to break down below there. I feel the same way about the 1.1850 level as well, so although I think that we may see a rally in the short term, I believe that the length of the rally is probably somewhat suspect as there are a multitude headlines out there that could cause major issues. Expect volatility regardless, but it looks as if the Euro is trying to go higher.
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