Euro vs US Dollar Struggling to Reach 1.3500

<p>EUR/USD (daily chart) as of January 18, 2013 has managed to remain above 1.3300 support for the time being, but has struggled to approach the […]</p>

EUR/USD (daily chart) as of January 18, 2013 has managed to remain above 1.3300 support for the time being, but has struggled to approach the key 1.3500 level. The pair is still entrenched within a strong bullish trend extending back to the July 2012 1.2041 low, and has been somewhat consistent in establishing higher highs during that time. After launching off the important 1.3000 area in the beginning of the month, Monday (January 14) saw price action hit a high right around the 1.3400 area, establishing a new 10-month high in the process. But a pullback slightly below 1.3300 support occurred within the next two days. Friday morning saw price re-approach Monday’s high, but has subsequently stalled just below it. With the high established at 1.3400, a breakout and close above it would confirm a continuation of the entrenched bullish trend, in which case price could move towards key potential resistance at 1.3500, with further potential resistance around the 1.3700 price region.

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