First of all, I would like to warn against the trading of Euro pairs surrounding the Greece default discussion. As an IB of VantageFX, I received a margin warning. Leverage has been reduced by 50% on all Euro pairs. Just keep in mind that it’s better to not hit a negative balance than dispute the claims of one.
Nevertheless, it is still important to keep track of the Euro’s movement.
Trend-line tests once again as price soars into early afternoon. We near the approach of a this resistance zone that also serves as the base for an inverted or upwards triangle. Regardless of the technical terms, price is once again consolidating with a good probability of breakout out above. Why is the favor in this pair breaking out above? This is simply due to measuring the move away from the resistance zone. The move away simply isn’t as strong as it used to be signaling a continuation of this current uptrend.