A number of Eurodollar futures have broken upwards. Here is March 2012:

I have decided not to trade this break upwards. I do think this market will rise as expectations of Fed rate hikes in the coming year fall away (I think the Fed will stay on hold). But I am not convinced this breakout has been caused by a realisation of that in the market — which is the kind of thing that would cause a trend. Rather, I think it has moved upwards on nervousness over Egypt. With the uptrend broken by the recent pullback, I therefore have no grounds to argue that there is presently a trend — only that there ought to be, and that is not enough to trade.
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