Currency Pair : EURUSD

Current Price : 1.0921

Status : Watching for short squeeze

The EURUSD is holding above major resistance at 1.0860 and also holding higher lows. We see a lot of short positions that have been built up to be potential fuel for a short squeeze and push higher. Price is a little extended on the on hour chart but has a lot of room to move up on the longer timeframe charts. We are now expecting price to build and force out the sellers on its way through the highs around 1.0950. If price breaks back down below 1.0860, then it will be a good time to re-assess the price action.