Another 50 basis point cut by the FED sent the EUR surging to the 1.4900 level. This is the resistance line of the Current Trend. Should price move past 1.4900 the next stop will be the high of 1.4968 and then 1.5000.
Our indicators are nearing overbought levels - especially the stochastic - signalling that any 'good news' from the US might cause a pause in the string of rate cuts and ultimately price should level off and maybe continue south..
Do not forget that if the Current Trend Resistance Line is violated and price moves through the 1.4900 level, we will be situated within a moderate bullish probability
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