Can the Euro Break above the Tough 1.2160 Resistance?

The euro soared again today from 1.2060 to 1.2150 on the positive political news from Germany.

Yesterday, the EUR/USD was near 1.2060 before the momentum ran out.   The ECB’s meeting minutes helped push the euro higher yesterday.  The euro got another boost from the encouraging news that German party leaders have reached a breakthrough in coalition talks.  The euro shot higher and stood firmly above the 1.21 level.  However, 1.2150 and above appears to be a tough resistance to break.

The euro pretty much ignored the positive data from the U.S.  It tested 1.2150 – 1.2160 several times before the momentum died down.  It’s currently consolidating between 1.21 and 1.2150.

A buy order was opened this morning during the European session on the positive news from Germany from my MT4 EA.  It is currently open.  Yesterday’s buy order closed with a profit.

The strategy can be found here.

The latest result can be found here.

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