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Forex Trading Technical Analysis (2010/07/29) EUR/USD Reaches Upside Target

EUR/USD (a 4-hour chart of which is shown) as of Thursday (7/29/2010) morning, has reached its upside resistance target of 1.3100, as noted in Monday’s EUR/USD analysis.  This occurs within the context of an accelerated parallel uptrend channel that originally stems from the 1.1875 low in early June, and after breaking out cleanly above the prior 1.3026 high. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT