Euro Dollar trades near strong resistance
by John on 10/12/08 at 2:24 am
Recently I wrote about EUR/USD being on a consolidation for 6 weeks. Currently the EUR/USD is trading near the top of the triangle formation which is a major resistance point.
For the 3rd day in a row, the EUR/USD is trying to break above this resistance area, but so far it wasn’t successful.
The horizontal line represents the previous high on this triangle (1.3081). A break above this line would be a bullish sign.
If the EUR/USD can’t break above this resistance area soon, it will probably fall to the triangle bottom near 1.2500.
