Euro Extends Range to Upside
The current saw-tooth pattern to the majors continued with markets see-sawing higher today in sympathy with the current trend in the euro after being dragged lower by the current trend in the Pound yesterday. Bad news was good news today with the markets taking the relative transparency of the FIDC”s reporting of more problem banks as another sign the worst of the banking crisis is in.
With the trends pointed higher for EURUSD on every time frame from the Monthly on down to the 60-minute charts this pair looks to be in a good position to test the high of the move at 144.49 and Weekly R1 at 144.51.
Despite bearish action in the other majors earlier in the week EURUSD spent much of the last two days consolidating between last Friday’s low just above 142.00 and the Monthly Central Pivot at approx. 142.50. See chart below.
Happy Friday all.
Jay Norris
www.trading-u.com
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