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Forex Trading Technical Analysis (2010/07/12) EUR/GBP Hits Key Resistance Confluence

(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.)

EUR/GBP, a daily chart of which is shown, has reached up to key resistance in the 0.8400 price region after almost two weeks of bullish price action. This 0.8400 resistance region also constitutes the area of a downtrend resistance line extending from the March 15 high. For more EUR/GBP analysis, please click here.

James Chen, CTA, CMT