has come back into the picture, with the 1.0350 level is an area that a lot of people are paying attention to as well.
It is clear to me that we are overbought at this point, so at the very least I suspect that we are going to have to see sideways trading action to work off the froth, or pullback in order to find value for those who are wanting to buy the euro.The 1.0350 area is basically where the support had been previously, so it does make a lot of sense that the area could offer a bit of “market memory”, and therefore resistance.
In fact, there was a leak across the wires today that suggested that the ECB was only going to be able to raise interest rates by 50 basis points at the next meeting, instead of the anticipated 75. If that is in fact the case, then the euro won’t be as appealing as the US dollar, especially if theBeyond all that, we also must worry about whether or not there is going to be a slowdown globally, and if that is in fact going to be the case, then a lot of people run to the US dollar for safety.
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