Wednesday September 22, 2010 - 13:11:34 GMT
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Forex Hound - www.forexhound.com
Euro Soars on Speculation Fed will Ease Further
In overnight trading, the Euro continues to mount an
impressive rally. On Tuesday, the Federal Open Market Committee gave the green
light to traders to go long as it hinted that the Fed is ready to
execute whatever it takes to keep the U.S. economy from derailing.
Technically, the EUR USD has crossed over to the bullish side of a steep
uptrending Gann angle at 1.3284. Currently, this market is poised to challenge
the August 6 top at 1.3334. A break out above this level is likely to trigger
an acceleration to the upside.
Based on the main range of 1.5144 to 1.1876, the charts indicate this market is
likely to continue its upward climb until it reaches the 50% level of this
major range at 1.3510. Depending on upside momentum, buying power could take it
up to the Fibonacci level at 1.3896 before profit-takers show up.
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