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Forex Trading Technical Analysis (2010/10/07) EUR/USD Reaches Target, Pulls Back, Still Bullish

EUR/USD (a 4-hour chart of which is shown) as of Thursday (10/07/2010) has risen substantially from its 1.3800 resistance breakout point to reach and slightly surpass its 1.4000 target before retreating, establishing a fresh 8-month high in the process. This occurs within the context of a steep uptrend channel that has characterized this pair since the September low around 1.2650. The current directional bias, in line with the strong bullish trend, continues to be to the upside. For more EUR/USD forex technical analysis, please click here.

James Chen, CTA, CMT