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EUR/USD - Near Resistance Confluence Again
Posted on April 29, 2009 at 14:24 in Analysis by James Chen

EUR/USD Daily ChartPrice action on EUR/USD (a daily chart of which is shown) as of Wednesday (4/29/2009) morning, has risen once again to approach a confluence of resistance factors which include the key 1.3300 support/resistance price region, the top of a short-term parallel downtrend channel, and the area just under the long-term downtrend resistance line extending from the second test of 1.6 back in July. Therefore, this pair is once again at a very important technical juncture. If price succeeds in breaking out substantially above this confluence of resistance, it would be a significantly bullish indication, and price could then go on potentially to target further resistance in the 1.3550 region. If, however, price is rejected at or around this resistance confluence, support targets immediately to the downside include, once again, the 1.3100 and then 1.2900 price regions.

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