Last week was pretty quiet overall, however, there were some pretty significant events that took place. The FOMC Minutes revealed concern over the level of inflation in the US. That cast a fair bit of doubt over further rate hikes in 2018. As it stands the December increase is all but factored in.
That sent the USD falling and as a result, the EUR/USD was one of the big winners. We took out the important 1.1850 level and kept on going. As it stands we are trading around a resistance level at 1.1950. The FX Leaders team found a nice winner with a long position on Friday, which was a nice way to finish up the week.
However, I feel there might be some more to come. I think the news had rattled the plans of some, and in the short term, we might have enough momentum to push us up to the 1.2000 level. I’m certainly short-term bullish on the EUR/USD and I think there is every chance of some follow-through momentum.
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