Forex Trading: EURUSD Continues Squeeze Higher
Dollar selling continues after Bernanke comments failed to appease the markets and shorts get squeezed. The price moved above the 1.4712 level which was key trendline resistance off the daily chart. Momentum developed and the dollar selling was underway.
The 1.4770 level was the first target. That level corresponded with the Fibo extension. The next level is being tested now at comes in at 1.4793 level. This level coincides with the parellel trendline off the recent lows on the hourly chart.
The next level come in at 1.4800 and 1.4815. These levels correspond price levels that were a floor level in December 2009 – the last time the price was at these lofty levels.
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