The Euro had a huge move today and passed several key resistance levels in a few hours. The pair was reacting to a statement by the FOMC and positve moves in the U.S. stock market.
So where do we go from here?
We are still have not hit the .50% retracement level on the daily chart from the high of 1.4700 in December of 2008. I would watch the .50% level and expect the pair to bounce off of that and move back down to more lows.
We will not know if this is a real rally or not unless we pass that level which is 1.3600
So we could see this bull rally for the Euro end shortly.
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