Forex: EUR/USD bullish on dips - FXWW
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EUR/USD
FXstreet.com (San Francisco) - The European single currency launched higher against the dollar Thursday after the Federal Reserve said it will launch another round of bond buying. EURUSD broke sharply above a 61.8% Fibonacci retracement level at 1.2932 to extend as high as 1.3000, a price not seen since May 9.
Sean Lee, founder of FXWW notes that "the market's ability to snuff out a barrier at 1.3000 shows that the bull market is still well in control," and that "EUR bears may find some selling opportunities against the AUD in coming days but with the USD now firmly in a downtrend, buying EURUSD dips still looks like the path of least resistance."
The Fed decision to inject more stimulus into the U.S. economy cooled investor fears about the slowing global economy, boosting sentiment. EURUSD last trades at 1.2985 in early Asia.
Sean Lee, founder of FXWW notes that "the market's ability to snuff out a barrier at 1.3000 shows that the bull market is still well in control," and that "EUR bears may find some selling opportunities against the AUD in coming days but with the USD now firmly in a downtrend, buying EURUSD dips still looks like the path of least resistance."
The Fed decision to inject more stimulus into the U.S. economy cooled investor fears about the slowing global economy, boosting sentiment. EURUSD last trades at 1.2985 in early Asia.
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