Forex: EUR/USD squeezing shorts back to Tuesday's highs

FXstreet.com (Barcelona) - Comments on EURUSD latest push up to fresh session highs at 1.2729 printed on the back of a possible short term shorts positions squeeze are starting to make the rounds, as thin markets are proper for this kind of low liquidity market action. The pair is bouncing from previous session lows at 1.2702, at the time Hang-Seng futures were starting to trade.

Local share markets are also turning slightly to the upside overall, with Hang-Seng up by +0.6%, and Australian ASX +0.10%. Not major news ahead till US retail sales figures and PPI at 13:30 GMT, so low liquidity could be the norm until this data comes in. EURUSD current session high equals yesterday's highs.

Immediate resistance to the upside for EURUSD shows at recent session/yesterday's highs at 1.2730, followed by Monday's and weekly highs 10 pips above, and Nov 06 lows at 1.2762. To the downside, nearest term support lies at recent session lows 1.2700/02, followed by Friday's lows at 1.2690, and yesterday's lows at 1.2657.