EUR/USD approaches 1.48

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.

The S&P 500 continues to charge along, stepping into uncharted areas of the year as days go by.

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 🙂 )

Trade safe.

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