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16 Aug 2013
Flash: EUR/USD has room for squeeze higher – TD Securities
FXstreet.com (New York) - The EUR/USD has spent the recent session consolidating yesterday’s gains along with the rest of the majors, with little regard for a soft, but on-consensus EZ inflation report, though this has given way to a rapid resurgence Friday, suggests the TD Securities Team.
Key quotes
“Earlier this week we pointed out the long-term resistance zone in the mid– to upper-1.33 area on the weekly charts, and that is exactly the consolidation zone where the pair has been hovering since yesterday afternoon.”
“We remain sellers at these levels, but in the case that today’s close is notably above current levels, there would be an increased chance of a further squeeze higher.”
Key quotes
“Earlier this week we pointed out the long-term resistance zone in the mid– to upper-1.33 area on the weekly charts, and that is exactly the consolidation zone where the pair has been hovering since yesterday afternoon.”
“We remain sellers at these levels, but in the case that today’s close is notably above current levels, there would be an increased chance of a further squeeze higher.”