EUR/USD Spotlight: Indicator of the Day


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
If you wish to receive Joel’s reports in a more timely fashion, e-mail
[email protected] and you will be added to the “distribution” list.

Joel Kruger publishes 6 daily pieces:

“Tech Talk” – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade.
Monday-Friday (between 5:30am-6:30am EST)

“Morning Slices” – Morning Overview using Fundamental, Technical, Flow, and Quantitative Analysis (Includes “Trade of the Day”).
Monday-Friday (between 6:30am-7:30am EST)

“Indicator of the Day”A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
Monday-Friday (between 8:00am-9:00am EST)

“Midday Snapshot” – A Midday Fundamental Update, along with Technical Analysis of Selected Rates.
Monday-Friday (between 10:30am-11:30am EST)

“Scandi Daily” A Specialized Daily Fundamental and Technical Overview of the Nordic Currencies. (This report is only distributed through email. Please contact [email protected] if you would like to be added to distribution.)
Monday-Friday (between 11:30am-12:30pm EST)

“Daily Classical” – A Daily Technical Overview of the Major Currencies.
Monday-Friday (published between 2:00pm-3:00pm EST)

Visit the DailyFX Forex Stream for Real-Time News and Market Updates