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EUR/USD: Up-trend Possibly Resuming | Technical Analysis 16th December 2013

EUR/USD has pulled back to support from the R1 monthly pivot 1.3710 and bounced. It could be resuming its short-term up-trend, which would be expected to continue, with the next target situated at potentially tough resistance from old highs at 1.3828.

A break above the 1.3775 'neckline' of a small H&S formed in the current trough would help confirm the resumption of the up-trend, which remains dominant, notwithstanding the possibility of a cyclical pull-back at some time in the next week.

Analysis by: Joaquin Montfort Liga Forex EURUSD Analyst