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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