Euro vs US Dollar Sustains Bullish Trend
James Chen January 14, 2013 8:20 PM
<p>EUR/USD (daily chart) as of January 14, 2013, has tentatively retained its bullish momentum by sustaining its breakout above the key 1.3300 resistance region. In […]</p>
EUR/USD (daily chart) as of January 14, 2013, has tentatively retained its bullish momentum by sustaining its breakout above the key 1.3300 resistance region. In the process, the pair has established a new 10-month high. This occurs within a six-month bullish trend, after price pulled back then bounced early last week off the critical 1.3000 support confluence. This confluence was a convergence of support that included the 1.3000 level, the 100-day moving average, and an uptrend support line extending back to the July 2012 1.2041 low. With the breakout above 1.3300, price has tentatively confirmed an uptrend continuation after having been unable to breakout above this level for the past several weeks. In the event of a continuation of this bullish breakout momentum, price could move towards strong potential resistance around the 1.3500 price region, which is currently also around the underside of an even steeper bullish trend line extending back to the July 2012 1.2041 low.
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