The EUR/USD pair rose during the session on Friday as the Euro continues to gain. Overall, the currency looks very strong at the moment, and it appears that we are heading towards the 1.3150 level before it’s all said and done.
This is the top of the recent consolidation area, and it appeared to the 1.27 level is going to act as support based upon longer-term charts. With that being said, a breakout above the 1.3150 level seems unlikely before the New Year’s though, as there will be less and less trading going forward. Also, there is also the possibility that the United States government will choose to go over the so-called “fiscal cliff”, which ironically will cause a flood into US Treasuries, pushing the value of the Dollar higher. With that being said, we do have potential to have a strong downdraft in this pair, but more than likely we will simply see it bounce around as fears focus on one side of the Atlantic versus another, and then vice versa.
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