EURUSD extends toward the November high at 1.19605 level

Technical Analysis

Author: Greg Michalowski | eurusd

Broke above and away from topside trend line earlier in the day.

The EURUSD is trading at new session highs and is getting closer to the November high at 1.19605 level.  The high for the day just reached 1.19546.   

The catalyst earlier in the day, was a break above a trend line on the daily chart at the 1.1910 area. Yesterday, that trend line stalled the rally.  Today, the break gave the buyers to take the price above the 1.1940 high from Dec 1 and work toward the November high target.  

The move seems more a vote on Euro into 2018. Yields in Europe were higher today with the German 10 year moving up by 4 bp, France up by 5 bp, Spain up 5 bp and Italy up 4 bp.  US yields are higher too, but lagging a bit (US 10 year is up 1.6 bp).