EURUSD Breaks Out after CPI Number -
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I suspect that we are going to continue to see a lot of volatility, but quite frankly it’s difficult to bet against the euro right now, it’s been such a strong trend to the upside, and everybody is convinced that the Federal Reserve will finally buckle.has finally broken above the 1.08 level during the trading session on Thursday, as the CPI number in the United States came out much as expected.
At this point, it looks like the Euro is on its way to 1.10, and short-term pullbacks will more likely than not attract a certain amount of attention.In this environment, pay close attention to the 1.07 level, which should now offer a bit of a floor, and it’s probably worth noting that the Euro has been in an uptrend for a while, but now we have another fundamental reason to get long, at least as far as traders are concerned.
If that number were to be broken above, that probably since the Euro off to the races, and much, much higher. I suspect that we are going to continue to see a lot of volatility, but quite frankly it’s difficult to bet against the euro right now, it’s been such a strong trend to the upside, and everybody is convinced that the Federal Reserve will finally buckle.
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