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EUR/USD Daily Chart — July 16, 2010

By James Chen , Published: 07/16/2010
(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.)

7/16/2010 – EUR/USD – Price action on EUR/USD (a daily chart of which is shown) as of Friday (7/16/2010) has reached up to hit a high slightly above 1.3000, establishing a new two-month high, before pulling back. The steep uptrend that began in early June and that has begun to accelerate into July has broken several key levels within the past few days and weeks. After breaking out above 1.2500 and consolidating above that key level in early July, price action then went on to ascend at an even quicker pace to break out above 1.2700, and then 1.2900 just yesterday (7/15/2010). Currently, having just established a high slightly above 1.3000, EUR/USD looks potentially to be targeting further key upside resistance in the 1.3100 price region. In the event of any significant breakout above 1.3100, which would be a considerably bullish indication, further potential upside momentum could possibly begin targeting the 1.3400 price region.

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James Chen, CMT
Chief Technical Strategist,
FX Solutions

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