EUR/USD appears to be in a short term squeeze higher, with resistance expected close to 1.2515 and 1.2560. • Should these moves take place, or, if an earlier break under 1.2442 (26 June low) can be achieved, then a substantial extension lower would be expected, targeting the 1.2288 region once again. • The USD Index also appears strong in the short-term timeframe. However, we need to see a break over 82.89 (8 June high) to open up a full retrace to 83.542. This remains our central scenario, with a sustained push over this level then warning of a substantial extension higher. • Failure to hold under 1.2748 will likely ... (full story)