On the daily, the channel i drew previously is now in play again.
The upper trend line happens to be 1.4400.
Look at how the lower trend line turns out to be the closing for the past 2 days.
S & P 500 is still rallying and apparently the bulls are here to stay.
The market sentiment is good and everyone seems to have forgotten about the crisis.
However being a cautious trader, i will advise caution and proper money management.
1) S & P 500 is at a major resistance. The 1000 mark.
2) EUR/USD is at 1.4400, a major resistance.
3) 1.4400 is the channel's upper trend line today.
Being at 1.4400, i expect the EUR/USD to react around this region for sometime before any further move.
If the pair manage to clear this region, this may open up to the previous high on DEC 18 2008, 1.4719.
However, any adverse news which trigger risk aversion may drive the pair back to 1.4200.
