EUR/USD: Meeting Resistance From Monthly Pivot
Forex4you | Apr 20, 2015 05:27AM ET
The EUR/USD pair has been rising in an up-move which has met resistance from the monthly pivot.
A break above the 1.0848 highs, that would confirm a break above the monthly pivot and move higher.
The range highs at 1.1030 provide a possible eventual target for the pair.
Overall it is oscillating in what appears to be a sideways consolidation above a long-term major channel line drawn on the monthly chart.
It has been in a down-trend since April 2014 but has now met quite formidable support from the long-term lower channel line, which has brought into question the dominance pf the previous down-trend, although a full-blown reversal isn't yet a reality.
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