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Forex Trading Technical Analysis (2010/07/16) EUR/USD Push Above 1.3000

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. For more EUR/USD analysis, please click here.

(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.)

James Chen, CTA, CMT