Tuesday December 22, 2015 - 17:06:01 GMT
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EURUSD Technical Update: 1.10 Looms Above
As John Bland warned before the week started, the pre-XMAS period is often one dominated by book squaring. This has proved to be the case with EURUSD holding above the 1.08 level and reversing course to squeeze shorts and come within range today of the pivotal 1.10 level (high 1.0984). I am sure this has confounded the bears who saw a clear path to 1.05 if 1.08 was breached and are now hanging on in the hope there is not a further squeeze.
Key resistance in EURUSD is at the post 1.1012 high although the most recent high is not until 1.1061. It is hard to believe we are talking about levels above 1.10 where the 200 day mva is 1.1041 and the 100 day mva 1.1061... see Global-View FX Chart Points Key weekly levels remain above 1.10 as well, which should be tough although the time of year argues for more defense than offense. ... see my Forex Trading Outloook for the Year Ahead
The catalyst appears to have been EURGBP and while it appears to have been driven by a flow, we have yet to uncover the souirce of demand for this pair. We show key resiustance at .7490 while .7450 has potential to act as resistance as well. .7400 will set the tone for this pair going forward.
Jay Meisler, co-founder
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