"Hate to say I told you so" is a song from the Vines, which looks as relevant as ever this morning after seeing the short squeeze last night. We highlighted the possibility of a short squeeze yesterday in our last market update, but that´s our job and we´re very happy if even only one forex trader was saved from our advice.
Is everyone safe from this move?
The big squeeze happened last night and it feels great when you foresee such events. The quick 120 pip EUR/USD reverse was a sign that EUR/USD buyers were not dead after all. As I said in yesterday´s update, the 1.05 support-turned-resistance level was pretty appealing for a sell forex signal, but we restrained ourselves and here we are safe and sound on this Friday morning.
By the way, EUR/USD reached 1.0660 on my forex platform, which means a 290 pip surge top to bottom from a day ago. We did lose that AUD/USD signal because the EUR/USD short squeeze spilt into other forex pairs, which sent this pair higher too, but we opened an NZD/USD sell signal after the short squeeze was over and got 25 pips from it.
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