EUR/USD BREAK OUT ALERT.......HOW FAR WILL IT GO?
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The EUR/USD rally continues whilst many may argue that it is not based on fundamentals. If you are a day trader or a swing trader then the fundamentals are irrelevant as the equity market will testify.
The EUR/USD has traded above the important 61.8% Fibonacci retrace @ 1.4630, from the double top high made in August 2009.
The daily RSI is now above 70 warning of a near-term pullback. But the market still shows willingness to race higher after taking out 1.4720 on Wednesday. Next key resistance comes in by 1.4870, with any gains on Thursday seen stalling out well shy of this level in the 1.4825 area.
As a day trader I will be looking to open up a long position after the data out in America as it has the potential to stall this EUR/USD rally.
Initial Jobless Claims - Sep 12. 560K 550K
Continuing Claims - Sep 5. 6088K
Housing Starts - Aug. 595K 581K
Building Permits - Aug. 580K 564K
Philadelphia Fed Manufacturing Survey - Sep. 7.3 4.2
