EURUSD breaks yesterday’s highs as the market gets all hawkish over the ECB
The euro is being hoovered up across the board following the ECB minutes. We knew there were members who wanted strong language on guidance changes, and the minutes shed more light on that subject.
Yesterday’s 1.2018 highs have been taken out to a new high of
1.2025 1.2027 as stops were tripped from shorts up there. There’s been a few breaks around the euro complex with EURGBP up through 0.8900 and EURJPY through 134.00, and both have pushed on.
The current high has come against the S&R seen late Dec.
The question now is whether this rally can build a decent base at 1.2000 to push the highs again. Should we move up, 1.2045/55 is the next resistance area.
If 1.20 fails, 1.1970 is the main support point but look for some of that to have stepped up to around 1.1980/85.
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