Euro, Pound In Measured Moves Long Ahead of Long Weekend

Euro: A crook once told me to beware of holiday reversals, when trading will reverse the trend it is in before the holiday, only to continue back in its general direction straight after the vacation. Great advice and a phenomenon I have noticed many times, in spite of the man. I am wondering if that is what is happening with the euro. The euro has decisively broken its short setup and it looks like a short squeeze.

On the daily, the euro has just hit its 50% short from its anchor and it is best to see its reaction here, since the euro is clearly in measured moves long. It is best to wait to see what direction the euro wants to be in.

On the 15 min chart can see the euro in measured moves long. Former high at 1.4345 may serve as resistance if the euro continues in its long setups.

Pound: On the daily, the pound bounced off its 50% long Tuesday and has been in measured moves long since. The 50% traditional short at 1.640 does not see to be acting as much resistance, though the pound many times uses its 61.8% as resistance, in this case 1.6482.

Yen: On the daily, the yen front run its 50% short in the middle of its range, with a target at 78.148. The yen has just hit the 50% long at 80.88 and its acting as support.

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