Euro Sterling strengthen

The euro is testing the upper border of a large descending triangle against the greenback. Breakout is not expected as this is a bearish pattern, but would test resistance at its 2009 high of $1.50/1.51.

Euro - US Dollar

* Target calculation: 1.44 + ( 1.48 – 1.40 ) = 1.52

The pound broke resistance at $1.65 against the US dollar, immediately retracing to test the new support level. Respect would confirm an advance to $1.67. Penetration of the rising trendline warns of reversal to a down-trend, but 63-day Momentum is rising — continued respect of the zero line would be a bullish sign.

Pound Sterling - US Dollar

* Target calculation: 1.67 + ( 1.67 – 1.60 ) = 1.74