FXStreet (Guatemala) - EUR/GBP has taken off in the US session with EUR/USD on a short squeeze scoring territory on the 1.09 handle rallying through the 100 SMA on the hourly chart and hitting the 200 SMA at 1.0929. We are in thin liquidity and spikes can be expected to potentially trip stops. EUR/GBP went from 0.7288 to 0.7345 on the 4hr sticks. This is an extension of the December recovery from 0.7007. The question now is sterling on the back foot as the dollar takes back control into 2016 on the Fed normalising rates should the US continue to recovery and out-perform and does EUR/GBP continue to recover, despite the ECB looking for EUR/USD to remain below 1.1000 in the currency wars? Last Friday, FXStreet hosted a special event about what 2016 might hold for the Forex traders. The panelists were Ashraf Laidi, Boris Schlossberg, Adam Button and Valeria Bednarik. Today, we want to share with you the recording of the whole show. Watch now and look out for EUR/GBP, ECB and BoE commentary. EUR/GBP levels Technically, Karen Jones, chief analyst at FXStreet explained that the daily chart continues to indicate that this is the end of the move (wave 4 on the daily chart). "It is also the 61.8% retracement of the move down from October and directly above we find the 55 week ma at 0.7306." However, she added, "The intraday Elliott wave counts are contradictory (currently the market is holding the 200 day ma at 7205). Major resistance is not encountered until the 2013-2015 downtrend at .7450, where we expect to see failure. We will maintain our longer term bearish view while capped here." For more information, read our latest forex news.