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Published on Jul 27, 2016
The
EUR/USD pair fell initially during the day on Wednesday, but then shot
higher after the FOMC statement. It appears that the market sold the US
dollar off after the announcement, but quite frankly the Federal Reserve
suggested that a rising chance of an interest-rate hike by the end of
the year. That’s the case, that should continue to favor the US dollar,
unless of course the war buying this on a “risk on” type of move.
Ultimately, I do think that the sellers return, and therefore this rally
should offer a nice selling opportunity on signs of exhaustion. There
is a lot of confusion and uncertainty when it comes to the European
Union, and with that being the case I think that we will prefer to own
the US dollar longer term. With this, I’m waiting to sell.
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