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EURUSD – Is this Breakout for Real?
The euro blew through key resistance at 1.0800 level after a US official noted that Germany was using an unnaturally weak currency to compete in the world. This was the first time in decades that a US official used such interventionist language and the euro promptly verticalized as result.
Whether the pair can hold its gains remains to be seen, but the Trump administration appears to be serious about keeping the dollar competitive which means the upside pressure on the euro can continue for a while longer. The pair has massive resistance at the 1.0800-1.1100 level but is also at the same time vulnerable to a short squeeze. EZ data has been surprising to the upside while US data has missed its mark for the past month. If EUR/USD can clear the 1.0850 barrier – 1.1000 could be in view.