Euro Breakout Sparks Buying Opportunity Amid Crude Price Decline

The December Euro currency futures (E6Z26) have seen an upside breakout from a basing area at lower price levels. This is according to the daily chart, where the moving average convergence divergence (MACD) indicator shows a bullish posture.

The recent decline in crude oil prices has been benefiting the Eurozone economy, which relies heavily on energy imports. Additionally, the lack of clarity over the Federal Reserve's U.S. monetary policy has been bearish for the US dollar on foreign exchange markets.

A move above chart resistance at $1.1619 would give the bulls fresh power and become a buying opportunity. The upside price objective is around $1.1900 or higher, while technical support is located at $1.1500.