EURUSD Breaks Trend Line
2012
The EURUSD twisted and turned as the trading day drifted along. The pair drifted lower throughout most of Asian and European trading. The Germain high court announced they would delay the vote for eight weeks on the European Stabilization mechanism and rumors circulated regarding bond loses. When North America entered the dance everything changed. Retail Sales was lower than expected. This helped the majors pop against the dollar due to expectations for further QE
From a technical standpoint the pair is a rather tight range. Strong daily support tracing back to the 2011 lows rest at 1.2150. Resistance begins at the weekly high at 1.2270 followed by the top of the range at 1.2330. On the data front the German Zew Survey is due at 9 GMT.
Sup 1.2270 1.2330
Res 1.2150
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