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11 Dec 2014
EUR/USD: Short squeeze extends, en-route to 1.25
FXStreet (Bali) - The US Dollar continues to trade lower in Asia, with the Euro capitalizing the most, extending the USD long squeeze bu setting a new high of $1.2487 as stops above 1.2440/50 are tripped.
Jim Langlands, Founder at FXCharts, has a look at today's main risk events: "There will be a fair bit of action later today with the EZ CPI’s, Targeted LTRO and US Retail Sales being the main focus, and from a technical perspective, the current squeeze on dollar long positions looks as though it may have the legs to take the Euro a bit higher."
Jim expects now "an acceleration towards 1.2500 and possibly towards the 26 Nov high at 1.2531, with the first major Fibo resistance not seen until we reach 1.2590 (23.6% of 1.3699/1.2246)." On the downside, 1.2440 should act as immediate support on dips, ahead of 1.2390/2400.
Jim Langlands, Founder at FXCharts, has a look at today's main risk events: "There will be a fair bit of action later today with the EZ CPI’s, Targeted LTRO and US Retail Sales being the main focus, and from a technical perspective, the current squeeze on dollar long positions looks as though it may have the legs to take the Euro a bit higher."
Jim expects now "an acceleration towards 1.2500 and possibly towards the 26 Nov high at 1.2531, with the first major Fibo resistance not seen until we reach 1.2590 (23.6% of 1.3699/1.2246)." On the downside, 1.2440 should act as immediate support on dips, ahead of 1.2390/2400.