The Euro initially pulled back during trading on Wednesday but then shot higher from the 50 day EMA. This was accelerated as the Federal Reserve press conference suggested that the Fed was on hold and going to be very slow and deliberate about tightening monetary policy. However, something that I find interesting is that the sellers jump in right at the 1.15 level, suggesting that we are not ready to go higher yet. The 200 day EMA is just above, and it should continue to offer massive resistance. Because of this, I suspect that we will get a pullback during the day but I also suspect that there is plenty of support underneath. A break above the 1.15 level still has to deal with the massive 200 day EMA, and of course even though the US dollar has gotten beaten up during the day, quite frankly the European Union is nowhere near tightening either.

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