EUR/USD breakout above the old September highs of $1.1100 [Video]
|EUR/USD
The outlook for the euro has been improving decisively throughout October and has really taken a step forward with the breakout above the old September highs of $1.1100. This was a first really important resistance (of a lower high) overcome which opens the development of a new trend higher. The next move is a test of the $1.1165 late August high which the market had a look at on Friday and is again considering today. The $1.1165 resistance is also an old pivot line which was the basis of a consistent turning point through the summer months. Breakout opens $1.1250. There is a position of strength which points towards buying into weakness now, with the RSI into the high 60s, MACD lines accelerating above neutral today and Stochastics strongly configured. The breakout above $1.1100 is a prime support area now, whilst the hourly chart shows $1.11100/$1.1130 as a near term band of support.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.