Trader_97

EUR/USD BREAKS OUT OF RANGE AS ECB CUTS DEPOSIT RATE

FX:EURUSD   Euro Fx/U.S. Dollar
77 0 1
EUR CLIMBS 380+ PIPS AGAINST THE GREENBACK IN REACTION TO ECB's DEPOSIT RATE CUT AND THE CONFERENCE FOLLOWED BY IT.That's a fundamental way to describe what happened.Technically we simply had a bullish breakout from the falling wedge in which price consolidated from 12th of November.Currently prices are well above the 100 day and 50 day moving averages.Buyer's still seem to have a firm grip of this market for now.We are approaching resistance at 1.0888-98 area.Slightly above it we got the the 0.382% retracement level which may play the role of resistance.Above that I see 1.0948 and 1.1006 area's as decent resistance levels.Short term support levels are 1.0820-1.0788.It would be safer to stay on the sidelines and observe until we have a nice top in place to try and go short from !
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