Forex technical analysis: EURUSD made a break above topside trend line today

Technical Analysis

Author: Greg Michalowski | eurusd

Technical break sent the pair trending higher today

Yesterday, the EURUSD approached the topside trend line on the daily chart yesterday at 1.1914 (high reached 1.19099, but stalled and retreated back toward the 1.1878 area (see hourly chart below). That level was a ceiling at different points last week (see post from yesterday).  

Today, the pair broke above that line and the break gave buyers the go-ahead to take the price higher.  The pair is trading near highs for the day and is also above a topside channel trend line at 1.1941  The price has tried that break earlier and failed. This is the second look above the line. 

The next target comes in at the 1.1960 level. That was the high from November (see daily chart).  We are above the Dec 1 high at 1.1940. That increases the level as a close support now (with the topside channel trend line on the hourly).