EUR/USD Formed New Channel, Waiting For Big Catalyst (Technical Update, Articles)

EUR/USD is waiting for a big catalyst that will force it out of a symmetrical triangle. Yesterday, EUR/USD spiked to 1.45173 after piercing through the 8/15 high (1.44772), but since then it retraced a bit and is currently trading at 1.44105 (where it's been for months). The top yesterday formed a new descending channel, and if you connect the recent downtrend with the major uptrend from June 2010/January 2011, you have a symmetrical triangle inflection point. The two recent highs, 1.45173 and 1.45358, are now important resistance levels to break if EUR/USD wants to proceed to 1.50 and beyond.

EUR/USD - FreeStockCharts.com 8/18/2011

Euro zone news:

Finns Set Greek Collateral Trend as Austria, Dutch, Slovaks Follow Demands - Bloomberg

German Finance Minister, Wolfgang Schaeuble: No need to further strengthen the EFSF - Capital.gr (translated)

"Morgan Stanley cuts 2011 Eurozone GDP forecast to 1.7% from prev. forecast of 2%, sees material risks of outright recession" - Ran Squawk

S&P Confirms France's AAA Rating, Stable Outlook - WSJ

Markets give eurozone plan cool reception - Financial Times

Debt Crisis Could Leave Eurozone With No Triple-A Sovereigns - Euromoney

ECB’s Nowotny Says Italy Not Greece, Too Early for Euro Bonds - Bloomberg

George Soros interviewed at Der Spiegel: #1: 'You Need This Dirty Word, Euro Bonds, #2: 'You Can Count on China To Back the Euro'