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Forex Trading Technical Analysis (2010/08/02) EUR/USD Breaks Out, Targets 1.3400



EUR/USD (a 4-hour chart of which is shown) as of Monday (8/02/2010) morning has made a dramatic upside breakout above last week’s high in the 1.3105 price region to approach 1.3200 resistance, establishing almost a new 3-month high in the process. This occurs within the context of a well-formed parallel uptrend channel extending from the late June lows. For more EUR/USD technical analysis, please click here.

 

James Chen, CTA, CMT