Forex Trading: Euro at Five-Week Highs Versus USD

by Joe Oliver, Forex Trading-Pips

Forex Trading: The euro short squeeze continued Thursday morning after the Federal Open Market Committee said in a statement released yesterday that economic conditions will likely “warrant exceptionally low levels for the federal funds rate at least through late 2014”.

Weekly volatility breakout strategies have caught the euro squeeze very nicely over the past two weeks. Using the weekly breakout rules we discussed in our update last week we entered long euro currency on Monday and are currently in profit by 158 pips.

EUR 60 minute bars

EUR 60 minute bars