EUR/USD Higher

EUR/USD is trading moderately higher in today's session after a few days of very volatile and uncertain movements. The pair is now steadily headed higher going from a low of 1.0569 to a high of 1.0649. Currently market price is 1.0642 and it appears that bulls are trying to bring a change onto the stage.

If the pair breaks first resistance at 1.0650 and closes above it then we have a good chance to see move to the upside this week.

It is possible that what the market is doing now can be considered "buy the rumor, sell the fact" in regard to the anticipated rate raise in December. If this is the case, then the positive reaction in the US dollar has already been conducted and now traders and investors are easing off the pressure and taking profits.

On the other hand, if EUR/USD goes back again below 1.06 this would mean the end of the bullish attempts to go over 1.0650 and bears would again be dominating.

Chart: EUR/USD H4