EUR/USD Rises Towards 1.4500 Resistance

Jun. 29, 2011 2:21 PM ET
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James Chen, CTA, CMT is Director of Technical Research and Education at FXDD, a global leader in foreign exchange trading. He is also a registered Commodity Trading Advisor and a Chartered Market Technician. He is the author of the books, "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010), as well as author of the instructional video DVD set, "High-Probability Trend Following in the Forex Market" (FXstreet, 2010). Mr. Chen contributes daily and intraday technical analysis to key financial media, is a frequent speaker at trading seminars, and has authored numerous articles on forex trading strategies and technical analysis in major financial publications. He has been quoted by: - Reuters News - Dow Jones Newswires - The Associated Press (AP) - International Herald Tribune And his feature articles have been published in: - Forbes.com - Futures Magazine - Technical Analysis of Stocks and Commodities Magazine - Stocks, Futures and Options (SFO) Magazine - Forbes Media’s Investopedia - International Business Times - FX Street Mr. Chen graduated from Tufts University with a degree in social psychology, and has been a currency trader and market analyst since the inception of the retail forex market.


EUR/USD (daily chart) as of Wednesday (6/29/2011) has consolidated in a triangle pattern with its high at the early May 1.4940 high and its low at the late May 1.3970 low. Price action within this triangle has displayed a true converging consolidation with price making progressively lower highs and higher lows. For the past three days, price has been climbing substantially, and is now approaching key resistance. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT
Director of Technical Research and Education
FXDD



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