Wednesday was ambiguous for forex and the tools were differently directed, but let’s take EURUSD pair, as the most popular and interesting one. At first at night there was a small rebound from the resistance level of 1.2825, and the bears started packing their portfolios with short positions, but during the day and at the end of the day EURUSD pair decided to test the durability of resistance level of 1.2825.
This time the pair was able to climb higher, then the last time (the quotation maximum was 1.2832), and the trading period (at the moment of writing this post) was closing at resistance level. It looks like there was no official breakdown, but euro is aiming higher than the current levels as far as trading is concerned. That is why it is not advised to sell for the rebound (the risk is too high).
If EURUSD pair will be capable of passing the level of 1.2825 on Thursday, then its ascending trend, that has been under the question recently has a possibility to reach 1.3000. The option of continuation of consolidation should not be eliminated as well.Social button for Joomla