EUR/USD climbed above the 1.4844 peak that it reached three weeks ago but didn’t get far away. 1.4908, just above it, was a peak at the beginning of the year. Did EUR/USD make a breakout and is doing it slowly? Or did it just get closer to the resistance line, where it can bounce back down? EUR/USD enjoyed the dollar’s weakness on Tuesday and managed to trade above the peak of 1.4844 that was reached on September 22nd. This came despite bad fundamentals: the important ZEW Economic Sentiment fell both in Germany and in all of Europe. Economists were expecting a better sentiment this time. After climbing above 1.4844, EUR/USD traded just under 1.49. Casey Stubbs and Mohammed Isah both see 1.4844 as an important resistance line, and see the move as a breakout. They both have interesting technical analyses I recommend reading. But I think differently. I see the 1.4908 line as more important. When EUR/USD began tumbling from above 1.60 last summer, the first attempt to go back up was stopped at 1.4908. It then fell up to 1.3880 before making a second attempt after Lehman’s collapsed, and it also bounced near that spot. The second reason  for looking at 1.4908 as the more important line is the character of the last breakout: it wasn’t convincing. EUR/USD. The initial rise to 1.4876 was followed by a fall to 1.4800. The next move was also slow. The third reason for looking at this line is today’s trading: European Industrial Production rose by 0.9%, exactly as expected, and didn’t influence EUR/USD. The peak today was at 1.4913, at the resistance line. Since then, EUR/USD is stuck. I see it “stuck” under the resistance line. I guess that there are more opinions out there. What do you think? Did EUR/USD make the breakout, or did it just get closer to the resistance line, where it can bounce back? For further reading: check out the EUR/USD Weekly Forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next Forex Daily Outlook – October 15th 2009 Yohay Elam 13 years EUR/USD climbed above the 1.4844 peak that it reached three weeks ago but didn't get far away. 1.4908, just above it, was a peak at the beginning of the year. Did EUR/USD make a breakout and is doing it slowly? Or did it just get closer to the resistance line, where it can bounce back down? EUR/USD enjoyed the dollar's weakness on Tuesday and managed to trade above the peak of 1.4844 that was reached on September 22nd. This came despite bad fundamentals: the important ZEW Economic Sentiment fell both in Germany and in all of Europe. Economists were expecting… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.