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Forex Trading Technical Analysis (2010/07/22) EUR/USD Climbs

EUR/USD (a 4-hour chart of which is shown) as of Thursday (7/22/2010) has continued its climb after pulling back yesterday to just above 1.2700. As of Thursday morning New York session, price tentatively broke out above resistance at 1.2900 and could now potentially be targeting further upside. For more EUR/USD technical 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