Of course it’s not as we know it only goes one way
1.3799 the high today on some magnificent data from Europe.
EUR/USD daily chart 16 12 2013
We reversed pretty sharply after breaking to 1.3810 last week and the fact we’re back so soon would suggest that another attempt higher is on the cards. The 1.3830 area is all important as the October highs and 61.8 fib of the 2011/2012 hi/lo as well as strong technical resistance. A break there and we’re on to the Feb 2012 and 2008 trendline confluence at 1.39.
Underneath, minor support should be seen at 1.3760then near the lows at 1.3735.
If you missed it we also had some euro thoughts and trend trading advice from new weekend writer John Leggett.
