Euro vs US dollar reaches resistance and 8-month high

<p>EUR/USD (daily chart) as of December 19, 2012, has continued its strong bullish surge of the past week-and-a-half to reach key resistance around the 1.3300 […]</p>

EUR/USD (daily chart) as of December 19, 2012, has continued its strong bullish surge of the past week-and-a-half to reach key resistance around the 1.3300 price region.

In the process, the price has just established yet a new eight-month high. This occurs within a bullish trend that extends back to the July 1.2040 low. It has also occurred after price action broke out late last week above an important dynamic resistance trend line extending back to the mid-September 1.3170 high. By breaking out above that resistance line, the price confirmed a continuation of the entrenched bullish trend.

Having just reached its 1.3300 resistance area, the price has displayed an accelerated bullishness that could go on to reach for further highs. In the event of a significant breakout above 1.3300, the pair could move towards strong potential resistance around the 1.3500 price region.

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