The rally in the American stock market is gaining momentum, which will provide good support for this currency pair, inasmuch as it is historically correlated with the S&P500 index. American corporations continue to please investors with positive quarterly reports, which pushes up the broader market index quotes.

Growth in corporate profits always has a positive influence on share prices during periods of stimulus from the Federal Reserve. Now we have just such a period – the FRS will print money in the same volume for at least another three weeks, and it may last until mid-December.

Trading recommendation: buy 113.85/113.60 and take profit 114.38.