EUR/USD breakout above the old September highs of $1.1100 [Video]

Richard Perry Independent Analyst

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.

Author

Richard Perry

Independent Analyst

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