Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex Trading Technical Analysis (2010/08/05) EUR/USD Consolidates Within Uptrend Before NFP

EUR/USD (a 4-hour chart of which is shown) as of Thursday (8/05/2010) has consolidated in a sideways trading range pattern since reaching a 3-month high at 1.3260 on Tuesday. This occurs within the context of a strong and relatively steep accelerated uptrend channel that extends back to the late June low. Currently, price is near the bottom of this parallel uptrend channel, and appears to be consolidating in preparation for the NFP numbers on Friday. For more EUR/USD technical analysis, please click here.

James Chen, CTA, CMT