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Dollar on pre-Christmas sale – EUR/USD at high resistance,

The sell off of the US dollar extends quite rapidly, and positive data  for the US jobs market is just not enough to jolt the US dollar back up.

EUR/USD is tackling high ground at nearly 1.2450,  climbing around 200 pips from the recent 2 year lows. USD/JPY is under 118.50, around 300 pips from the highs seen not that long ago.

The dollar is also weaker against other currencies, but these ones certainly stand out. More coming

For EUR/USD, the high of 1.2450 represents the level seen after Draghi did not deliver immediate QE. Are we seeing a double top here? So far, it’s a lower high.

Here is the EUR/USD chart:

EURUSD climbing to double top December 9 2014 technical 30 minute euro dollar chart


For USD/JPY, what comes up so quickly must come down so quickly as well.  The rush above 120 was probably too quick, and then over-extended by the US Non-Farm Payrolls.

The US surprised with a gain of 321K jobs and this sent the dollar screaming higher on Friday. We saw another small extension early on Monday, but it all turned downhill for the dollar since then:

USDJPY falling fast December 9 2014 Japanese yen stronger on USD weakness

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.