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EUR/USD - Retracement Up to Resistance
Posted on March 10, 2009 at 14:10 in Analysis by James Chen

EUR/USD Daily ChartPrice action on EUR/USD, a daily chart of which is shown, has retraced all the way back up to the top of the parallel downtrend channel that it has been traversing since the beginning of the year. A momentum failure at or near this dynamic resistance level should prompt price to work its way back down towards the 1.2500 support region. In the event of a breakout above the channel, the 1.3000 level should serve as further resistance on this retracement.

2 Responses to “EUR/USD - Retracement Up to Resistance”

  1. on 10 Mar 2009 at 10:54 pm1Byron

    Hi James

    I think there is a new upward channel line that has just developed to breakout of resistance. Check it out great pip range.

    Regards

    Byron

  2. on 11 Mar 2009 at 2:53 pm2James Chen

    Hi Byron,

    Thanks for your comments! Yes, I see the beginnings of what may turn out to be a parallel uptrend channel. Nice observation, and thanks for visiting!

    James Chen

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