“INDICATOR OF THE DAY” - TREND-LINE RESISTANCE
Eur/Usd: There is a trend-line in the Euro that is currently being tested off of the 2009 highs and it will be interesting to see how the market responds to a test of this line on Thursday. While we have already seen a breach of the falling trend resistance, a clear determination and bias will only be fully determinable after the daily close. A daily close above the trend-line which currently comes in by 1.4130 will be viewed as a bullish development and potentially open the door for a retest of the 2009 highs at 1.4340. However, inability to hold above 1.4130 would suggest that the progression lower off of the 2009 highs is still intact and expose a deeper drop back under 1.4000 over the coming days.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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