EUR/USD Approaching Resistance?
Written November 25, 2009 at 10:16 PM EST by Alex Chernomordin
On the eve of a US holiday gold, oil and US equities rallied in what seemed like a low volume move and the USD sell off has led the EUR/USD pair through the 1.51 handle and to new 2009 highs. With these new levels we looked back to the rally into the summer of 2008 for technical resistance ahead. On the chart below we see a double bottom formed in May and June of ‘08 below the 1.53 handle and we will look for that level as the next resistance for the pair, if it continues to rally on this shortened holiday week.
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