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EUR/USD – How High Can it Go?
Ever since the release of FOMC minutes yesterday the euro has been the prime beneficiary of the anti-dollar trade and has now broken through the key 1.1200 level. The run has been driven primarily by market disappointment over the Fed September rate hike delay and could turn into a serious short squeeze during the low liquidity summer doldrum sessions.
How high can the pair go? It has resistance at the 1.1300 level, but if US financial markets continue to wobble and investors begin to fear that Dec rate hike is off the table as well, the squeeze in the EUR/USD could turn much more vicious and push the pair through the 1.1500 handle by summer’s end.