Euro Soars on Speculation Fed will Ease Further

In overnight trading, the Euro continues tomount an impressive rally. On Tuesday, the Federal Open Market Committee gavethe green light to traders to go long as it hinted that the Fed isready to execute whatever it takes to keep the U.S. economy from derailing.

In overnight trading, the Euro continues to mount animpressive rally. On Tuesday, the Federal Open Market Committee gave the greenlight to traders to go long as it hinted that the Fed is ready toexecute whatever it takes to keep the U.S. economy from derailing.

Technically, the EUR USD has crossed over to the bullish side of a steepuptrending Gann angle at 1.3284. Currently, this market is poised to challengethe August 6 top at 1.3334. A break out above this level is likely to triggeran acceleration to the upside.

Based on the main range of 1.5144 to 1.1876, the charts indicate this market islikely to continue its upward climb until it reaches the 50% level of thismajor range at 1.3510. Depending on upside momentum, buying power could take itup to the Fibonacci level at 1.3896 before profit-takers show up.