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Forex Trading Technical Analysis (2010/07/26) EUR/USD Reaches for Resistance

EUR/USD (a 4-hour chart of which is shown) as of Monday (7/26/2010) has ascended to reach for key resistance around 1.3026, which represents the top of a shooting star candle that established the 2-month high for the pair just last week. This occurs within the context of an accelerated uptrend channel that originally stems from the 1.1875 low in early June. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT