Thursday December 15, 2016 - 11:10:44 GMT
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Is EURUSD Headed for Parity?
The EURUSD continues to look heavy as it probes for recent historical lows. Its HOD (much earlier) has been 1.0540 while its LOD is 1.0467. One view on its financial crisis low is 1.0462, but one of our feeds we have 1.0451. The GV database shows 1.0444. The older a level gets, the less it matters to short-term traders. One level that may prove pivotal is 1.0450 as firmly below it would be needed to shift the risk to 1.0350, 1.0200 and 1.00 (parity)
For the moment, the 1.0467 LOD is where stops will have accumulated. The price action yesterday once the 1.0580-90 was penetrated saw the floodgates open when EURUSD buying demand evaporated. That suggests that there were not many shorts left.
On a downside break, expect to see the market initialy to gravitate to the 1.0450 level if it starts to probe new lows. Use +/- 1.0500 to set the tone. Interim resistance is at 1.0526 and then 1.0540.
These are thin markets which must be respected, especially on the downside. The EURGBP cross has been a strong influence on EURUSD again today. EURGBP is off its highs.
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