EUR/USD Hits 1.3475
By Adam Button || February 24, 2012 at 15:22 GMT
|| 13 comments || Add comment
It’s an unstoppable machine right now.
A macro fund is rumored to be behind the move but I don’t know why a macro fund would be buying, unless they’re covering a short. There is rumored supply at 1.3480/85 and barriers at 1.3500.
This is a short squeeze but it’s hard to see it stopping before the 61.8% retracement at 1.3627.
I’ve updated the chart to show the retracement. Dennis Gartman said today he will be shorting EUR/USD somewhere between 1.3435 and 1.3627.
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