Forex Forex: EUR/GBP has typical throwback retrac; Further squeeze higher? - Saxo Bank

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FXstreet.com (Barcelona) - EUR/GBP rose towards 0.8040 thru Thursday's session, reaching a key 0.618 retracement. John J Hardy, Head of FX Strategy at Saxo Bank, notes, the pair should turn back lower soon (tomorrow) "if we are to call an end to the ongoing squeeze higher in Euro positions, otherwise we might have to focus back on recent highs in the EUR/major crosses again." John adds that after the big typical throwback retracement area, "if this Euro rally is to find resistance, 0.8040 area needs to hold up well ahead of the 0.8100 level."



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This article appears in: Investing , Forex and Currencies

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