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EUR/USD: Back Inside Rising Channel | Technical Analysis 9th December 2013

EUR/USD has now moved comfortably back into the rising channel. This is a bullish sign and indicates that the pair will probably go higher. The medium-term trend is also up further adding to the bullish outlook. Price has reached the R1 monthly pivot, however, and this may lead to a pull-back, perhaps to support at 1.3675, but such a pull-back would probably only be temporary before the dominant up-trend resumed. Currently price is trying successfully to break above the R1, and given the strength of the rally so far it may succeed. Notwithstanding light resistance at 1.3750, The next target higher is the R2 pivot at 1.3828, followed by the major trend-line down from the 2008 all-time-highs at 1.3895.

EUR/USD has now moved comfortably back into the rising channel. This is a bullish sign and indicates that the pair will probably go higher. The medium-term trend is also up further adding to the bullish outlook. Price has reached the R1 monthly pivot, however, and this may lead to a pull-back, perhaps to support at 1.3675, but such a pull-back would probably only be temporary before the dominant up-trend resumed.

Currently price is trying successfully to break above the R1, and given the strength of the rally so far it may succeed. Notwithstanding light resistance at 1.3750, The next target higher is the R2 pivot at 1.3828, followed by the major trend-line down from the 2008 all-time-highs at 1.3895.

Article by: Joaquin Montford - Liga Forex Analyst