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EUR/USD extends gains breaking higher resistance

After EUR/USD made a convincing break above  downtrend resistance, it seems unstoppable, breaking above yet another hurdle: the 1.1375 level that capped it in September 2015 as well as way back in 2003.

The pair is edging closer to 1.14. Very strong resistance awaits at 1.1460 – a double top. From there, the road is open to the swing high of 1.1712 seen in late August.  If the break above 1.1375 is confirmed, it turns into support, with 1.13  as the next line.

EURUSD October 9 higher on USD sell off

The US dollar is sold off, partially as a result of the FOMC Meeting Minutes. This document showed that the  members of the Fed were not really close to raising rates, and this was before the terrible NFP.

In comparison to commodity currencies, the euro was late to the party. This is due to the fact that the euro is a safe haven currency  (not really sought after when the mood is good) and also suffering from its own dovish central bank.

In our latest podcast we discuss the Nightmare NFP,  Judge  Japan and Natural Gas:

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.