Forex Trading Technical Analysis (2010/07/22) EUR/USD Climbs
(Please click on the forex chart thumbnail to enlarge)
7/22/2010 Forex Trading Technical Analysis (FXpath.com) – EUR/USD (a 4-hour chart of which is shown) as of Thursday (7/22/2010) has continued its climb after pulling back yesterday to just above 1.2700. As of Thursday morning New York session, price tentatively broke out above resistance at 1.2900 and could now potentially be targeting further upside. Since the long-term low in early June, price action has displayed consistently higher lows and higher highs, and this uptrend accelerated after the late June low was hit. Within this past week, price attempted a break above the 1.3000 psychological figure, but could not muster the bullishness to stay above it. If another attempt at a 1.3000 breach takes place, key upside resistance on such a bullish move resides in the significant 1.3100 price region. To the downside, if price is unable to stay afloat above 1.2900, key support continues to reside around the key 1.2700 price region.
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
James Chen, CTA, CMT (bio)
- Click here for my book, Essentials of Foreign Exchange Trading (Wiley).
- Click here for my book, Essentials of Technical Analysis for Financial Markets (Wiley).
- Click here for my video DVD set, High-Probability Trend Following in the Forex Market (FXstreet).
No related posts.
Please leave a comment below or subscribe to the feed and get articles like this delivered automatically to your feed reader.
Comments
No comments yet.
Leave a comment