
Despite the shutdown of the
US government the Euro versus US dollar pair (EURUSD), which is the most heavily traded
of those that involve the greenback, has halted in its rise overnight (European
time). The level at which this has happened is significant. There is a
resistance line at around 1.36488, which is such that it would have been
carefully watched by participants. This can be clearly seen on the weekly chart
(below):
All over the world there are
traders who are watching levels such as this. You should be too. It may not
hold, but if it does not, this will also be a significant development as the rate
will tend to accelerate upward as a consequence of breaking through the
resistance.
Events involving the
authorities in the USA
will have a bearing on this.
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