The currency pair is on full steam as it crushes 1.4719. The EUR/USD made a new high today at 1.4766.
Looking at the weekly chart, i wish to highlight that the next high will be 1.4866ish from 22 Sep 08.
Before we reach there, the next major resistance will be 1.4800.
At the risk of sounding pessimistic, when do market fundamentals ever operate in a straight line?
I may be wrong but please hang on tight and be ready if stuffs ever breakdown.
Anyway a few weeks back, i was discussing about how the EUR/USD and the S&P 500 are loosely correlated?
Apparently indeed and hence the steam of the EUR/USD now.
I will be watching closely at 1.48 and 1.4866 as this may be where the bears may put up a tough fight.
Folks, follow the news releases closely and tighten your money management. Be ready if the first sign of troubles ever surface.
Don’t be caught with a big over sized long when the party ends. ( Happened to me previously 🙂 )
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