Breakout In EUR/USD

New York London GMT Tokyo Singapore

By David Spurr on December 11, 2008 | More Posts By David Spurr | Author's Website

The Euro has broken out of its consolidation phase; the triangle has resolved itself to the upside. Since the US is going to make a rate decision soon, perhaps this is the market pricing in rate cuts? Sort of hard to imagine that it wasn’t already priced in. In any event there’s a lot of overhead resistance. It still has to deal with the trendline from 1.60. That’s some nasty resistance. Also, two resistance levels that I’ve marked on the longer-term chart imply some heavy resistance.

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