Euro Technical Outlook

The EURUSD broke above trendline resistance drawn off of the July and September highs. The pair is closing in on former resistance from October at 1.3789 and former support from the September 11 low is at 1.3877.

I wrote yesterday that “staying above 1.3247 keeps the short term trend up but beware that a top of at least a few days likely forms in the 1.3631-1.3877 zone.” A corrective decline could be sharp, given the thin market conditions that are present at year-end. A move back to at least 1.3250-1.34 is probable once a correction begins.

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