Consolidation for the euro above 1.4500
The euro has broken through resistance in forex trading at 1.4500, and is prepared to move higher, probably after a period of consolidation. Indeed, the euro appears to be having a good chance of consolidation as dollar weakness continues today.
Right now, the euro is moving forward on momentum. GFT’s Boris Schlossberg takes some time in FX360 to look at the euro in forex trading:
Having cleared the key technical barriers of at 1.4500, the trade in EUR/USD
has now entered pure momentum territory, a dynamic that academics call price-to-price feedback with pair rising simply because it has already risen.
If the stock market manages to continue to make gains today (in spite of futures pointing to a lower open), it is possible that the euro gains even more support in forex trading.
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